Systems and methods for providing gaming activities

ABSTRACT

Described herein are various systems and methods for providing gaming activities, these particularly relating to gaming activities where a plurality of players provide respective entry fees. Traditional gaming activities necessarily involve the player putting his or her entry fee at risk. The present invention, at least in some of its preferred forms, modifies the traditional approaches of operating such gaming activities so that the player&#39;s entry fee is not necessarily placed entirely at risk. Indeed, in some embodiments a player is provided with an option to participate on the basis that his or her entry fee is wholly refundable while retaining the opportunity to win prizes, potentially alongside more risky though still modified participation by other players.

FIELD OF THE INVENTION

The present invention relates to systems and methods for providinggaming activities. Some embodiments provide hardware and softwarecomponents for the implementation of such systems and methods. The term“gaming” is intended to be interpreted in the broadest sense, asencompassing the fields of gambling, gaming, wagering, betting,lotteries and games or competitions of skill and/or knowledge and/orchance.

BACKGROUND TO THE INVENTION

The following discussion of the prior art is intended to place theinvention in an appropriate context and to allow the uniquecharacteristics and advantages of it to be more fully understood.However, any discussion of the prior art throughout the specificationshould in no way be considered as an express or implied admission thatsuch prior art is widely known or forms part of common general knowledgein the field.

Numerous gaming activities are known and have been implemented in avariety of different forms. One broad category of gaming activity iscommonly referred to as “pari-mutuel” gaming (also known by terms suchas “para-mutual”, “paramutual” and “parimutuel”). In this form, it istypical for the entry fees provided by players in relation to a gamingactivity to be combined into a pool, the operator's commissions, feesand charges deducted from the pool, and for the residual amount todefine a prize pool for distribution among the winners of the gamingactivity, according to predetermined criteria. Lotteries, totalisatorsand the like fall into this category.

A characteristic feature of pari-mutuel gaming is that the quantum ofwinnings is not necessarily known in advance, since this will dependupon the number of participants in the gaming activity, and the level ofparticipation of each, which are indeterminate at the outset. Anothercharacteristic feature is that, aside from any ad hoc instances ofcross-subsidisation by the gaming operator, the total amount returned tothe entrants collectively as prize-money is necessarily less than thetotal amount received from the entrants collectively as entry fees orbets, due to the fees and charges of the operator as well as taxes andduties of governments and jurisdictional authorities, being deductedfrom the prize pool, prior to distribution. These fees and charges aresignificant, often in the order of 15% to 40% of the total prize pool,which is a particular disadvantage of this form of gaming activity, inso far as the participants are concerned.

Another broad category of gaming activity is “fixed-odds” based, usuallyreferred to as wagering, which is typical of most types of sportsbetting and bookmaking operations. In this form, the odds of aparticular outcome are predetermined by the operator when each bet isplaced, so that the quantum of potential winnings for each participantis known at the outset, irrespective of the number of bets subsequentlyplaced by other participants. In this case, the total amount returned tothe participants collectively as prize-money is not necessarily lessthan the total amount received from the entrants collectively as bets,and in that sense, the operator bears some risk. However, the operatorendeavours, through judgment and experience, to retain a predeterminedmargin of profit on average over time, and this would typically be inthe order of 8% to 10%.

A further disadvantage with both of these forms, and indeed most otherforms of gaming, is that in the absence of a winning outcome, theinitial value of the bet or participation fee is lost to eachparticipant and fundamentally, the odds are statistically weightedagainst the players.

Against this backdrop, it is well-known that some personality types fallvictim to gaming at significant personal and wider social cost. Othersare reluctant to participate in such activities at all, either as amatter of principle or due to inherent aversion to risk, and therebymiss the entertainment value and the opportunity to participate in theupside of winning outcomes.

SUMMARY OF THE INVENTION

It is an object of the present invention to overcome or ameliorate oneor more of the disadvantages of the prior art, or at least to provide auseful alternative.

According to a first aspect of the invention, there is provided a methodfor providing a gaming activity wherein a plurality of players providerespective entry fees, the method including the steps of:

defining a plurality of risk profiles, wherein each risk profile definesa proportion of an entry fee that is refundable on the basis ofpredetermined refund criteria and a complementary proportion of theentry fee that is placed at risk;

receiving, for each player, data indicative of the entry fee provided bythat player and a risk profile selected by that player; and

allocating to each player, on the basis of the entry fee provided bythat player and the risk profile selected by that player, one or moreentries in relation to the gaming activity.

One embodiment provides a method wherein the plurality of risk profilesincludes a risk profile for which 100% of the entry fee is refundable.

One embodiment provides a method wherein the plurality of risk profilesincludes a risk profile for which 100% of the entry fee is placed atrisk.

One embodiment provides a method wherein the plurality of risk profilesincludes at least one risk profile for which X % of the entry fee isrefundable and Y % of the entry fee is placed at risk, wherein X+Y=100and wherein 0<X<100.

One embodiment provides a method wherein the plurality of risk profilesincludes a plurality of risk profiles for which X % of the entry fee isrefundable and Y % of the entry fee is placed at risk, wherein X+Y=100and wherein 0<X<100.

One embodiment provides a method wherein at least one risk profile isdefined in response to data indicative of a player's selectivedesignation of a proportion of an entry fee that is to be refundableand/or a complementary proportion of the entry fee that is to be placedat risk.

One embodiment provides a method wherein the risk profile selected by agiven player affects the relative probability of that player winning aprize in relation to the gaming activity in exchange for the entry feeprovided.

One embodiment provides a method wherein the risk profile selected by agiven player affects the number of entries allocated to that player inexchange for the entry fee provided.

One embodiment provides a method wherein, for a first risk profile, agiven player is allocated a predetermined number of entries in exchangefor a predetermined entry fee, and, for a second risk profile, a givenplayer is allocated an increased number of entries for the samepredetermined entry fee, wherein the first risk profile defines agreater proportion of the entry fee that is refundable compared with thesecond risk profile.

One embodiment provides a method wherein the number of entries allocatedto a given player is related to a contribution made by or on behalf ofthat player to a prize pool.

One embodiment provides a method wherein the number of entries allocatedto a given player is determined according to the formula:E _(player) =kA+B

wherein Eplayer is the number of entries allocated to a particularplayer in exchange for the entry fee provided by that player, A is aparameter related to the contribution made by or on behalf of thatplayer to the prize pool, B is an adjustment factor, and k is aproportionality factor selected such that the allocation of entriesfollows a predetermined risk/chance favouritism protocol.

One embodiment provides a method wherein 0.01≦k≦100.

One embodiment provides a method wherein 1≦k≦100.

One embodiment provides a method wherein k≧1.

One embodiment provides a method wherein k≈1.

One embodiment provides a method wherein the risk profile selected by agiven player affects the quantum of entry fee in exchange for which apredetermined number of entries is allocated.

One embodiment provides a method wherein, for a first risk profile, agiven player is allocated a predetermined number of entries in exchangefor a predetermined entry fee, and, for a second risk profile, a givenplayer is allocated the same predetermined number of entries for lessthan the predetermined entry fee, wherein the first risk profile definesa greater proportion of the entry fee that is refundable compared withthe second risk profile.

One embodiment provides a method wherein the risk profile selected by agiven player affects one or more characteristics of a prize winnable bythat player in exchange for the entry fee provided.

One embodiment provides a method wherein, for a first risk profile, agiven player is able to win a prize having a first value in exchange fora predetermined entry fee, and, for a second risk profile, a givenplayer is able to win a prize having a second value in exchange for thesame predetermined entry fee, wherein the second value is greater thanthe first value, and wherein the first risk profile defines a greaterproportion of the entry fee that is refundable compared with the secondrisk profile.

One embodiment provides a method including the steps of:

identifying one or more winning entries for the gaming activity;

awarding prizes to the players to whom winning entries were allocated inaccordance with a predetermined prize distribution protocol; and

for each player who selected a risk profile for which a non-zeroproportion of the entry fee is refundable, refunding the refundableproportion of the entry fee.

One embodiment provides a method wherein awarding the prizes includesmaking the prizes available for collection by or on behalf to theplayers to whom winning entries were allocated.

One embodiment provides a method wherein, for a given player, refundingthe refundable proportion of the entry fee includes making therefundable proportion of the entry fee available for collection by or onbehalf of that players.

One embodiment provides a method wherein the step of refunding therefundable proportion of the entry fee includes, for at least oneplayer:

defining the refundable portion of the entry fee as at least part of asubsequent entry fee in relation to a subsequent gaming activity; and

allocating to the at least one player one or more entries in relation tothe subsequent gaming activity in exchange for the subsequent entry fee.

One embodiment provides a method wherein the step of refunding therefundable proportion of the entry fee includes, for at least oneplayer:

defining the refundable portion of the entry fee as a subsequent entryfee in relation to a subsequent gaming activity;

allocating to the at least one player one or more entries in relation tothe subsequent gaming activity in exchange for the subsequent entry fee.

One embodiment provides a method wherein the subsequent gaming activityis a gaming activity provided by a method according to an embodimentdescribed above.

One embodiment provides a method including the steps of:

identifying, for each entry fee, a total contribution amountcorresponding to that entry fee, the total contribution amountincluding:

i. a primary contribution amount comprising the proportion of the entryfee that is placed at risk, less any predefined deductions; and

ii. a supplementary contribution amount;

combining the total contribution amounts of the respective entry fees toform a prize pool;

identifying one or more winning entries;

distributing the prize pool among the players to whom winning entrieswere allocated in accordance with a predetermined prize distributionprotocol.

One embodiment provides a method wherein, for a given entry fee, thesupplementary contribution amount corresponds to an amount derived fromone or more sources selected from a group comprising:

an investment return derived by subjecting at least a proportion of thatentry fee to an investment procedure for a period of time;

an operator contribution; and

a third-party contribution.

One embodiment provides a method wherein, for a given entry fee, thesupplementary contribution amount corresponds to an amount derived froman investment return derived by subjecting at least a proportion of thatentry fee to an investment procedure for a period of time.

One embodiment provides a method including the steps of:

identifying one or more winning entries for the gaming activity;

providing a prize pool for distribution in accordance with apredetermined prize distribution protocol amongst the players to whomwinning entries were allocated;

identifying an undistributed portion of the prize pool;

investing at least a proportion of the undistributed portion of theprize pool to generate an investment return;

adding an amount corresponding to at least a proportion of theinvestment return to a subsequent prize pool in relation to a subsequentgaming activity.

One embodiment provides a method wherein the subsequent gaming activityis a gaming activity provided by a method according to an embodimentdescribed above.

One embodiment provides a method wherein the step of allocating to eachplayer one or more entries includes, for a given player:

for the proportion of the entry fee that is placed at risk, allocatingto the player a primary entry, whereby in the case that the primaryentry is identified as a winning entry a primary prize is awarded to theplayer;

for the proportion of the entry fee that is refundable, allocating tothe player one or more secondary entries, whereby in the case that oneof the secondary entries is identified as a winning entry a secondaryprize is awarded to the player.

One embodiment provides a method wherein the primary entry has anassociated payout ratio, and the primary prize is awarded to the playerbased on the proportion of the entry fee that is placed at risk and thepayout ratio.

One embodiment provides a method wherein, in the case that the primaryentry is identified as a winning entry, the secondary entry is notidentified as a winning entry.

One embodiment provides a method wherein, in the case that the primaryentry is not identified as a winning entry, the secondary entry isidentified as a winning entry, such that a given player for whom anon-zero proportion of the entry fee is refundable wins one of theprimary prize or the secondary prize.

One embodiment provides a method including the steps of:

deriving supplementary income;

adding an amount corresponding to at least a proportion of thesupplementary income to a secondary prize pool;

refunding to each player the proportion of the entry fee that isrefundable;

distributing the secondary prize pool, in accordance with apredetermined prize distribution protocol, amongst the players to whomwinning secondary entries were allocated.

One embodiment provides a method wherein deriving supplementary incomeincludes subjecting at least a proportion of the entry fees to aninvestment procedure to generate supplementary income in the form of aninvestment return.

A second aspect of the invention provides a method for providing agaming activity wherein a plurality of players provide respective entryfees, the method including the steps of:

defining a risk profile, the risk profile defining a non-zero proportionof an entry fee that is refundable on the basis of predetermined refundcriteria and a complementary proportion of the entry fee that is placedat risk;

receiving, for each player, data indicative of the entry fee provided bythat player; and

allocating to each player, on the basis of the entry fee provided bythat player and the risk profile, one or more entries in relation to thegaming activity.

One embodiment provides a method wherein, for the risk profile, X % ofthe entry fee is refundable and Y % of the entry fee is placed at risk,wherein X+Y=100 and wherein 0<X<100.

One embodiment provides a method including the steps of:

identifying one or more winning entries for the gaming activity;

awarding prizes to the players to whom winning entries were allocated inaccordance with a predetermined prize distribution protocol; and

for each player who selected a risk profile for which a non-zeroproportion of the entry fee is refundable, refunding the refundableproportion of the entry fee.

One embodiment provides a method wherein the step of refunding therefundable proportion of the entry fee includes, for at least oneplayer:

defining the refundable portion of the entry fee as at least part of asubsequent entry fee in relation to a subsequent gaming activity;

allocating to the at least one player one or more entries in relation tothe subsequent gaming activity in exchange for the subsequent entry fee.

One embodiment provides a method wherein the step of refunding therefundable proportion of the entry fee includes, for at least oneplayer:

defining the refundable portion of the entry fee as a subsequent entryfee in relation to a subsequent gaming activity;

allocating to the at least one player one or more entries in relation tothe subsequent gaming activity in exchange for the subsequent entry fee.

One embodiment provides a method wherein the subsequent gaming activityis a gaming activity provided by a method according to an embodimentdescribed above.

One embodiment provides a method including the steps of:

identifying, for each entry fee, a total contribution amountcorresponding to that entry fee, the total contribution amountincluding:

i. a primary contribution amount comprising the proportion of the entryfee that is placed at risk, less any predefined deductions; and

ii. a supplementary contribution amount;

combining the total contribution amounts of the respective entry fees toform a prize pool;

identifying one or more winning entries;

distributing the prize pool among the players to whom winning entrieswere allocated in accordance with a predetermined prize distributionprotocol.

One embodiment provides a method wherein, for a given entry fee, thesupplementary contribution amount corresponds to an amount derived fromone or more sources selected from a group comprising:

an investment return derived by subjecting at least a proportion of thatentry fee to an investment procedure for a period of time;

an operator contribution; and

a third-party contribution.

One embodiment provides a method wherein, for a given entry fee, thesupplementary contribution amount corresponds to an amount derived froman investment return derived by subjecting at least a proportion of thatentry fee to an investment procedure for a period of time.

One embodiment provides a method including the steps of:

identifying one or more winning entries for the gaming activity;

providing a prize pool for distribution in accordance with apredetermined prize distribution protocol amongst the players to whomwinning entries were allocated;

identifying an undistributed portion of the prize pool;

investing at least a proportion of the undistributed portion of theprize pool to generate an investment return;

adding an amount having a value corresponding to at least a proportionof the investment return to a subsequent prize pool in relation to asubsequent gaming activity.

One embodiment provides a method wherein the subsequent gaming activityis a gaming activity provided by a method according to a an embodimentsdescribed above.

One embodiment provides a method wherein the step of allocating to eachplayer one or more entries includes, for a given player:

for the proportion of the entry fee that is placed at risk, allocatingto the player a primary entry, whereby in the case that the primaryentry is identified as a winning entry a primary prize is awarded to theplayer;

for the proportion of the entry fee that is refundable, allocating tothe player one or more secondary entries, whereby in the case that oneof the secondary entries is identified as a winning entry a secondaryprize is awarded to the player.

One embodiment provides a method wherein the primary entry has anassociated payout ratio, and the primary prize is awarded to the playerbased on the proportion of the entry fee that is placed at risk and thepayout ratio.

One embodiment provides a method wherein, in the case that the primaryentry is identified as a winning entry, the secondary entry is notidentified as a winning entry.

One embodiment provides a method wherein, in the case that the primaryentry is not identified as a winning entry, the secondary entry isidentified as a winning entry, such that a given player for whom anon-zero proportion of the entry fee is refundable wins one of theprimary prize or the secondary prize.

One embodiment provides a method including the steps of:

deriving supplementary income;

adding an amount having a value corresponding to at least a proportionof the supplementary income to a secondary prize pool;

refunding to each player the proportion of the entry fee that isrefundable;

distributing the secondary prize pool, in accordance with apredetermined prize distribution protocol, amongst the players to whomwinning secondary entries were allocated.

One embodiment provides a method wherein deriving supplementary incomeincludes subjecting at least a proportion of the entry fees to aninvestment procedure to generate supplementary income in the form of aninvestment return.

A third aspect of the invention provides a system for providing a gamingactivity wherein a plurality of players provide respective entry fees,the system including a processor configured to carry out a method ofproviding a gaming activity according to the first or second aspect.

A fourth aspect of the invention provides a computer-readable carriermedium carrying a set of instructions that when executed by one or moreprocessors cause the one or more processors to carry out a method ofproviding a gaming activity according to the first or second aspect.

According to a further aspect of the invention, there is provided amethod for providing a gaming activity, the method including the stepsof:

receiving entry fees from one or more players;

combining the entry fees to provide an entry fee pool;

defining a prize portion of the entry fee pool for addition to a prizepool;

-   -   deriving gross supplementary income by virtue of either or both        of:        -   (a) carriage of the funds defining the entry fee pool;        -   (b) interaction with one or more of the players;

defining net supplementary income by subtracting one or more predefineddeductions from the gross supplementary income;

combining the prize portion of the entry fee pool with the netsupplementary income to form the prize pool, wherein the prize pool hasa value greater than the sum of the entry fees; and

distributing the prize pool among winning players based on adistribution protocol.

In one embodiment the gaming activity is a recurring gaming activity.

In one embodiment deriving gross supplementary income by virtue ofcarriage of the funds defining the entry fee pool includes subjectingsome or all of the entry fee pool to an investment procedure to derivegross investment income.

In one embodiment deriving gross supplementary income by virtue ofinteraction with one or more of the players includes providing marketinginformation to one or more of the players, or personal information fromone or more of the players, in exchange for gross marketing income froma third party.

In one embodiment deriving gross supplementary income by virtue ofinteraction with one or more of the players includes providing personaland/or contact information regarding one or more of the players to athird party in exchange for gross marketing income from that thirdparty.

Reference throughout this specification to “one embodiment”, “someembodiments” or “an embodiment” means that a particular feature,structure or characteristic described in connection with the embodimentis included in at least one embodiment of the present invention. Thus,appearances of the phrases “in one embodiment”, some embodiments” or “inan embodiment” in various places throughout this specification are notnecessarily all referring to the same embodiment, but may. Furthermore,the particular features, structures or characteristics may be combinedin any suitable manner, as would be apparent to one of ordinary skill inthe art from this disclosure, in one or more embodiments.

Similarly it should be appreciated that in the above description ofexemplary embodiments of the invention, various features of theinvention are sometimes grouped together in a single embodiment, figure,or description thereof for the purpose of streamlining the disclosureand aiding in the understanding of one or more of the various inventiveaspects. This method of disclosure, however, is not to be interpreted asreflecting an intention that the claimed invention requires morefeatures than are expressly recited in each claim. Rather, as thefollowing claims reflect, inventive aspects lie in less than allfeatures of a single foregoing disclosed embodiment. Thus, the claimsfollowing the Detailed Description are hereby expressly incorporatedinto this Detailed Description, with each claim standing on its own as aseparate embodiment of this invention.

Furthermore, while some embodiments described herein include some butnot other features included in other embodiments, combinations offeatures of different embodiments are meant to be within the scope ofthe invention, and form different embodiments, as would be understood bythose in the art. For example, in the following claims, any of theclaimed embodiments can be used in any combination.

Furthermore, some of the embodiments are described herein as a method orcombination of elements of a method that can be implemented by aprocessor of a computer system or by other means of carrying out thefunction. Thus, a processor with the necessary instructions for carryingout such a method or element of a method forms a means for carrying outthe method or element of a method. Furthermore, an element describedherein of an apparatus embodiment is an example of a means for carryingout the function performed by the element for the purpose of carryingout the invention.

In the description provided herein, numerous specific details are setforth. However, it is understood that embodiments of the invention maybe practiced without these specific details. In other instances,well-known methods, structures and techniques have not been shown indetail in order not to obscure an understanding of this description.

As used herein, unless otherwise specified the use of the ordinaladjectives “first”, “second”, “third”, etc., to describe a commonobject, merely indicate that different instances of like objects arebeing referred to, and are not intended to imply that the objects sodescribed must be in a given sequence, either temporally, spatially, inranking, or in any other manner.

In the claims below and the description herein, any one of the terms“comprising”, “comprised of”, or “which comprises” is an open term thatmeans including at least the elements/features that follow, but notexcluding others. Thus, the term “comprising”, when used in the claims,should not be interpreted as being limitative to the means or elementsor steps listed thereafter. For example, the scope of the expression adevice comprising A and B should not be limited to devices consistingonly of elements A and B. Any one of the terms “including”, “whichincludes” or “that includes” as used herein is also an open term thatalso means including at least the elements/features that follow theterm, but not excluding others. Thus, “including” is synonymous with andmeans the same as “comprising”.

Similarly, the term “coupled”, when used herein, should not beinterpreted as being limitative to direct connections only. The terms“coupled” and “connected,” along with their derivatives, may be used.The scope of the expression a “device A coupled to a device B” shouldnot be limited to devices or systems wherein an output of device A isdirectly connected to an input of device B. It means that there exists apath between an output of A and an input of B which may be a pathincluding other devices or means. “Coupled” may mean that two or moreelements are either in direct physical or electrical contact, or thattwo or more elements are not in direct contact with each other but yetstill co-operate or interact with each other.

The term “complementary” is primarily used herein with reference torelative percentages of two mutually exclusive components orproportions, primarily the proportion of an entry fee that is placed atrisk, and the “complementary” proportion that is refundable (or viceversa). In this context, if a given proportion is X %, then thecomplementary proportion would be 100%−X %. It should also be noted thatas used herein, unless the context clearly dictates otherwise, anyreference to “a proportion” is intended to encompass the situationswhere that proportion is 0% or 100%, as well as any intermediatepercentage.

BRIEF DESCRIPTION OF THE DRAWINGS

Preferred embodiments of the invention will now be described, by way ofexample only, with reference to the accompanying drawings in which:

FIG. 1 illustrates a method for providing a gaming activity according toone embodiment.

FIG. 2 illustrates a method for providing a gaming activity according toone embodiment.

FIG. 3 illustrates a method for providing a gaming activity according toone embodiment.

FIG. 4 illustrates a method for providing a gaming activity according toone embodiment.

FIG. 5 illustrates a method for providing a gaming activity according toone embodiment.

FIG. 6 illustrates a method for providing a gaming activity according toone embodiment.

FIG. 7 illustrates a method for providing a gaming activity according toone embodiment.

FIG. 8A illustrates system for providing a gaming activity according toone embodiment.

FIG. 8B illustrates a system for providing a gaming activity accordingto one embodiment.

FIG. 9 illustrates a method for providing a gaming activity according toone embodiment.

FIG. 10 illustrates a method for providing a gaming activity accordingto one embodiment.

FIG. 11A illustrates system for providing a gaming activity according toone embodiment.

FIG. 11B illustrates a system for providing a gaming activity accordingto one embodiment.

FIG. 11C illustrates a system for providing a gaming activity accordingto one embodiment.

FIG. 12A illustrates system for providing a gaming activity according toone embodiment.

FIG. 12B illustrates a system for providing a gaming activity accordingto one embodiment.

DETAILED DESCRIPTION

Described herein are various systems and methods for providing gamingactivities, these particularly relating to gaming activities where aplurality of players provide respective entry fees. Traditional gamingactivities necessarily involve the player putting his or her entry feeat risk. The present invention, at least in some of its preferred forms,modifies the traditional approaches of operating such gaming activitiesso that the player's entry fee is not necessarily placed entirely atrisk. Indeed, in some embodiments a player is provided with an option toparticipate on the basis that his or her entry fee is wholly refundablewhile retaining the opportunity to win prizes, potentially alongsidemore risky though still modified participation by other players.

In the context of the present disclosure, it is assumed that a gamingactivity is an activity where multiple players provide respective entryfees. In exchange for the entry fees, the players are respectivelyallocated one or more entries. The term “player” as used herein refersto a provider of an entry fee. The term should be construed broadly toinclude both human players, non-human players, constructs or syndicatesdefined by a group of two or more human and/or non human players (suchas a collaboration between human players), and other legal entities(such as corporations or trusts). In some cases, the player isidentified in a computing system by a unique identifier, which mightinclude a purpose-defined identifier, identifier based on personalinformation, email address, cellular telephone number, or the like.

In the context of the present disclosure, there is discussion of playersbeing “allocated” entries and disclosure of players being “provided”entries. The terms “allocated” and “provided” are regarded as synonymousin this regard. Furthermore, neither of these terms should imply arequirement that a player actually physically receives any entries(although, equally, they may do so), only that the entries arenotionally allocated to that player.

Although players are considered to provide respective entry fees, itwill be appreciated that in some instances a single player providesmultiple entry fees on multiple occasions.

In the present context, the term “entry fee” describes a sum ofconsideration that constitutes a wholly or partially refundable payment.No specific implications or connotations should be drawn from the use ofthe word “fee”, which is descriptive only. In some embodiments the entryfee is provided in whole or in part as monetary currency. In otherembodiments the entry fee is notionally derived—such as where a consumerpurchases predefined goods and/or services unrelated to an entry, and anentry fee is notionally determined as a function of the purchase value,or where the player participates in marketing activities (by viewingadvertisements or responding to a survey, for instance), and an entryfee is notionally defined on the basis of a benefit the gaming operatoror a third party receives by virtue of the player's participation inthose marketing activities. That is, by purchasing a certain product, aconsumer is deemed to have provided an entry fee, and is correspondinglyallocated one or more entries. In the presently considered embodiments,the entry fee is wholly provided for the purpose of participation in agaming activity.

In some embodiments, the “entry fee” defines only a portion of the sumof consideration provided by a player in exchange for one or moreentries. For example, in some embodiments a player provides an entryamount, including an entry fee and an additional component, thisadditional component being, in some cases, attributable to an operatorservice charge. In some embodiments, although an entry fee is fullyrefundable, it is only the entry fee component of an entry amount thatis fully refundable, with the additional component being non-refundable.It should also be appreciated that the “entry fee” need not be monetaryin nature at all, but could constitute any tradable commodity having areal, virtual, deemed or perceived value.

References to “refunds”, “refundable” entry fees, and the like should beunderstood, unless the context dictates otherwise, to encompass full andpartial refunds, as well as gross and net refunds. In some instances,for example, a nominal refund may be subject to taxes, duties, levies orother charges, such that the net refund actually received by a player isless than the nominal or gross refund, irrespective of whether thatrefund is notionally full or partial. Such variations should not beconsidered to depart from the substance or scope of the presentinvention.

As used herein, the terms “gaming” and “gaming activity” should beconstrued broadly so as to encompass any form of gambling, gaming, orwagering, including but not limited to:

-   -   Lotteries and lottery type games. In the context of the        Australian market, particular examples include “Lotto”, “Oz        Lotto”, “Powerball”, “Art Union Lotteries”, and the like. In the        context of the US market, particular examples include “Hot        Lotto”, “Mega Millions”, “Powerball”, “Paycheck”, and        “Tri-State”.    -   Traditional draw lotteries, instant lotteries and “scratch”        lotteries.    -   Raffles, or other games where a player is provided with one or        more unique tickets carrying respective ticket identifiers, and        one or more winners are identified based on the selection of one        or more winning ticket identifiers.    -   “Keno”, “Bingo” and “Housie”, “Tombola” and “Chinese Raffle”        style games where players seek to reconcile their own numbers        with numbers drawn from an independent objective source.    -   Sports betting activities and football pools, whether        pari-mutuel or “fixed-odds” based.    -   Events-based betting activities involving such outcomes as        political contests, Royal or noteworthy births, weather outcomes        and natural phenomena.    -   Totalisators.    -   Sweepstakes for any events such as horse, dog or any other form        of racing, sporting contests, political contests and the like.    -   PC-based and other electronic gaming contests, including online        chance-based, skill-based or combination chance/skill-based        gaming contests. These include online video games, where        outcomes are in part dependant on a player's skill, and in some        cases in part dependent on random factors including chance.    -   Other games or contests of skill and/or knowledge and/or chance.    -   Chance-based games played on poker and other electronic gaming        machines.    -   Any games of skill and/or chance involving one or more unknown        outcomes, whether pari-mutuel or “fixed-odds” based.

It will be appreciated that, in all of these examples, multiple playersprovide respective entry fees and, in exchange for the entry fees, theplayers are respectively provided with one or more entries.

The term “pari-mutuel” refers generally to a gaming arrangement wherebyprizes are funded in whole or in part by entry fees. This term isintended to be synonymous with “paramutual”, “para-mutual”, “parimutuel”“mutual betting” and other variants.

A “method for providing a gaming activity” includes substantially anymethod by which a gaming activity is provided. This includes, but is notlimited to, methods performable by administrators of gaming activities,methods performable by vendors of entries in gaming activities, methodsperformable by players, computer implemented methods performable inrelation to the administration of gaming activities and/or sale ofentries in such gaming activities, and so on. Likewise, a “system forproviding a gaming activity” includes substantially any hardwarecomponent or group of hardware components associated with theperformance of a method for providing a gaming activity. For example,such systems include information systems maintained or implemented by oron behalf of administrators of gaming activities, vendors of entries ingaming activities, or the players themselves.

As used herein, the term “gaming operator” describes a party or group ofparties responsible for the carriage and administration of a gamingactivity. That is, a gaming operator is responsible for tasks including,but not limited to defining entry parameters and other predefined termsand conditions for the gaming activity, offering for sale entries inexchange for entry fees, receiving entry fees from players, allocatingentries to players in exchange for those entry fees, identifying one ormore winning entries, and arranging for the distribution of prizes amongthe players. In practice, these tasks are often performed by a number ofparties. For example, a first category of party (such as vendors oragents) may be responsible for offering for sale entries in exchange forentry fees and receiving entry fees from players, whilst a second partymay be responsible for identifying one or more winning entries. However,this is ignored for the present purposes, and the term “gaming operator”should be read sufficiently broadly so as to cover whatever group ofrelated and/or unrelated parties are responsible for the carriage andadministration of a particular gaming activity.

Thus, in some cases, a gaming activity may be provided by a plurality ofparties, which might or might not be related or affiliated.Additionally, in some cases, a gaming activity may include a pluralityof sub-activities, such as individual lotteries, that might inthemselves be provided by differing parties. However, it should beappreciated that a plurality of such sub-activities, regardless of thenature of the relationship between providing parties, should beconsidered as a single gaming activity in the context of the presentdisclosure. In some cases, a plurality of sub-activities may beconducted by differing parties in different locations and/or withdiffering branding. However some or all of the entry fees from thesesub-activities might be notionally or physically combined into a commonpool, for example to facilitate investment, risk management orinfrastructure sharing activities. In such cases, the sub-activitiesshould certainty be collectively regarded as a single gaming activity inthe context of the present disclosure.

Risk Profiles

FIG. 1 illustrates a method 100 for providing a gaming activity. In thisgaming activity, a plurality of players provide respective entry fees.Method 100 includes, at step 101, defining a plurality of risk profiles,wherein each risk profile defines a proportion of an entry fee that isrefundable on the basis of predetermined refund criteria and acomplementary proportion of the entry fee that is placed at risk. Step102 includes receiving, for each player, data indicative of the entryfee provided by that player and a risk profile selected by that player.Step 103 includes allocating to each player, on the basis of the entryfee provided by that player and the risk profile selected by thatplayer, one or more entries in relation to the gaming activity.

The term “complementary” is primarily used herein with reference torelative percentages of two mutually exclusive components orproportions, primarily the proportion of an entry fee that is placed atrisk, and the “complementary” proportion that is refundable (or viceversa). In this context, if a given proportion is X %, then thecomplementary proportion would be 100%−X %. It should also be noted thatas used herein, unless the context clearly dictates otherwise, anyreference to “a proportion” is intended to encompass the situationswhere that proportion is 0% or 100%, as well as any intermediatepercentage.

As noted, step 101 includes defining a plurality of risk profiles. Thenature and number of risk profiles defined varies between embodiments.There are three main categories of risk profile:

-   -   “No-risk” risk profiles. These are risk profiles for which 100%        of the entry fee is refundable.    -   “Full-risk” risk profiles. These are risk profiles for which        100% of the entry fee is placed at risk.    -   “Hybrid” risk profiles. These are risk profiles for which X % of        the entry fee is refundable and Y % of the entry fee is placed        at risk, wherein X+Y=100 and wherein 0<X<100. It will be        appreciated that, at least theoretically, an infinite number of        hybrid risk profiles are definable.

It will be appreciated that which of these categories are made availablevaries between embodiments. In particular, some embodiments make use ofa no-risk profile and full-risk profile exclusively, some embodimentsmake use of a no-risk profile, full-risk profile and one or more hybridrisk profiles, some embodiments make use of a no-risk profile and one ormore hybrid risk profiles, some embodiments make use of full-riskprofile and one or more hybrid risk profiles, and some embodiments mayonly make use of one or more hybrid risk profiles.

The manner in which risk profiles are defined also varies betweenembodiments. Generally speaking, there are two main approaches, whichare by no means mutually exclusive. The first approach is for a gamingoperator to stipulate one or more predefined risk profiles, and makethese available to players. In one such embodiment only the “no-risk”and “full-risk” profiles are made available, while in another suchembodiment hybrid-risk profiles are additionally or alternatively madeavailable at, for example, 20% increments (20% at-risk with 80%refundable, 40% at-risk with 60% refundable, and so on). Of course, thissimple example should not be regarded as limiting, and other increments(including consistent and inconsistent increments) are used in otherinstances. The second approach is for a gaming operator to allow playersto stipulate risk profiles. For example, a given player is invited tostipulate precisely how much of his or her entry fee is to be placed atrisk, and/or how much of his or her entry fee is to be refundable.Although “and/or” is used in this situation, it will be appreciated thatin most cases a player, by stipulating precisely how much of his or herentry fee is to be placed at risk, inherently by exclusion stipulateshow much is to be refundable, and vice versa. Under this secondapproach, it is perhaps more intuitive to consider method 200 of FIG. 2,in which the order of steps 101 and 102 are reversed by comparison toFIG. 1. In this regard, it should be noted that any steps of methodsdescribed herein as being performed in a particular sequence are, inother embodiments, performable in a different sequence, provided thereis no insurmountable practical barrier to such performance.

Although the majority of embodiments discussed herein are concerned witha situation where a plurality (that is, two or more) risk profiles aredefined, in some embodiments there is only a single risk profile. Inparticular, in some embodiments only a single hybrid risk profile isdefined. That is, all of the players place their respective entry feeson the basis of the same hybrid risk profile.

The term “refund” as used herein is intended to encompass a full orpartial refund of the value component of an entry fee, whether in theform in which it was contributed or in some other form. Refunds maytherefore be in cash or in kind. In particular, in some embodiments ofthe invention, a refund may take the form of a limited rollover entryfor a specified number of subsequent gaming activities of the same ordifferent type, an unlimited rollover entry for an indeterminate numberof subsequent gaming activities of the same or different type, or themaintenance of a limited rollover entry or an unlimited rollover entryfrom a previous gaming activity. The term is also intended to encompassthe option of a refund, in whatever form, whether or not that option isexercised at any particular point in time, or at all. In someembodiments a player is able to exercise the option of a refund atsubstantially any point in time. Further, the term “refund” is intendedto encompass the concept of a promised prize, whether as an alternativeto, or in addition to, a refund based on the value component of theentry itself. It is therefore possible that a refund in the context ofparticular gaming activities may exceed the full value component of thecorresponding entry.

Carriage of Gaming Activity

FIG. 3 illustrates a method 300, which provides some additional contextto steps 101 to 103. In particular, FIG. 3 illustrates additional steps301 to 304, which generally relate to the manner in which a gamingactivity is completed.

The outcome of the gaming activity is determined at step 301. Step 301is bounded by a dashed line to indicate that it is, at least in somecases, an independent event, and not necessarily part of method 300. Forexample in some embodiments, the outcome of a gaming activity isdetermined by the completion of a sporting event or the like.

Step 302 includes identifying one or more winning entries. In thecontext of some gaming activities, there is only a single winning entry,whereas in other gaming activities there are multiple winning entries.In overview, the gaming operator has in place predefined criteria fordetermining, based on the outcome of the gaming activity, which entriesare “winning entries” (entries in respect of which a win-event applies)and which entries are “non-winning entries” (entries in respect of whicha no-win event applies). In one simple example, the gaming activityinvolves wagering on the outcome of a sporting event between two teams,Team A and Team B. Assume a given entry is placed on the basis of awager that Team A will be victorious. If the outcome of the sportingevent reveals that Team A was indeed victorious, that entry would beidentified as a winning entry. Otherwise, it would be identified as anon-winning entry. It will be appreciated that identifying winningentries is a more detailed procedure in, for example, complex lotterystyle games.

Step 303 includes distributing a prize pool of prizes to players to whomthe winning entries were allocated. That is, a prize pool is used tofund one or more prizes, and these prizes are awarded to the winningplayers (or player, in the event that there is only one prize, or in theevent that one player wins all prizes). This is carried out inaccordance with a predefined prize distribution protocol. There is norequirement that, at the completion of step 303, the relevant playershave physically received prizes. Rather, in some embodiments, step 303includes simply making it possible for winning players to obtain prizesby redeeming their entries in a designated manner. In some practicalcases, winning entries are never redeemed, and the corresponding prizesnever physically awarded (see discussion of unclaimed and abandonedprizes below).

The prize pool, and prizes distributed from that prize pool, need not bemonetary in nature. For example, in some embodiments the prize poolincludes goods and/or services for distribution as prizes. Examplesinclude, but are not limited to, automobiles, consumer electronicdevices, fashion products, retail goods, livestock, real property,professional services, education services, hospitality services,discount coupons, entries in other gaming activities and so on.

Step 304 includes refunding the refundable portions of entry fees toplayers who selected risk profiles defining non-zero refundableproportions. For example, assume a player provides an entry fee on thebasis of a risk profile whereby 50% of that entry fee is refundable. Inthat case, step 304 includes refunding to that player 50% of his or herentry fee. Similarly to step 303, there is no requirement that, at thecompletion of step 304, the relevant players have physically receivedrefunds. Rather, in some embodiments, step 304 includes simply creatingan entitlement or making it possible for winning players to obtainrefunds by redeeming their entries in a designated manner. In somepractical cases, entries may never be redeemed, and the correspondingrefunds therefore never physically provided.

In most embodiments described herein, it is assumed that all playersreceive refunds for the refundable proportions of their entry feesregardless of whether one or more winning and/or one or more non-winingentries were allocated in exchange for the relevant entry fees. However,in some embodiments, an entry fee attributable to a winning ticket isnot refunded.

Recurring Entries

Referring to FIG. 4, in some embodiments step 304 includes, for eachplayer, selectively defining the refundable portion of the entry fee asat least part of a subsequent entry fee in relation to a subsequentgaming activity, and in the event that this occurs, allocating to the atleast one player one or more entries in relation to the subsequentgaming activity in exchange for the subsequent entry fee.

In the context of FIG. 4, step 304 includes sub-steps 401 to 404.Sub-step 401 includes determining whether a player has selected arecurring entry option. To this end, for a gaming activity wherein thescenario of FIG. 4 applies, a player is provided with the opportunity toselect a recurring entry option either at the time of providing an entryfee, or at a subsequent time. In some embodiments a player is deemed tohave selected the recurring entry option in the event that predefinedcriteria are met. For example, in various embodiments these predefinedcriteria include the likes of failure explicitly to select anon-recurring entry and/or failure to redeem, within a specifiedtimeframe, an entry in respect of which a refundable proportion of theentry fee is available for collection.

In the event that a player has not selected the recurring entry option,the method progresses to step 402, which includes refunding to thatplayer the refundable portion of his/her entry fees (for example bymaking it available for collection at a predetermined time uponredemption of the relevant entry or entries). In some embodiments, ifthis redemption does not occur within a specified timeframe, the methodprogresses to step 403.

In the illustrated embodiment, if at step 401 it is determined that theplayer has selected a recurring entry option, the method progresses tostep 402 where the refundable proportion of the entry fee is defined asa subsequent entry fee in relation to a subsequent gaming activity. Insome embodiments, only part of the refundable portion of the entry feeis defined as a subsequent entry fee. Furthermore, in some embodimentsit defines only part of a subsequent entry fee. However, for the sake ofthe present example, it is assumed that the refundable proportion issimply defined as the subsequent entry fee. Then, at step 404, one ormore entries are allocated to the player in exchange for the subsequententry fee, these entries relating to a subsequent gaming activity.

The nature of the subsequent gaming activity varies between embodiments.For example, in some cases it is entirely unrelated to the gamingactivity for which the initial entry fee was provided. However, in someembodiments, the gaming activity for which the outcome is determined atstep 301 is a recurring gaming activity, and the subsequent gamingactivity is a recurrence (in some embodiments being the next recurrence)of the gaming activity for which the outcome is determined at step 301.Thus, in some embodiments, an entry fee may be allocated to an initialgaming activity and thereafter rolled over into each and everysubsequent recurrence of the same gaming activity, so as to create anindefinite or “perpetual” entry that is refundable at any time, or atpredetermined points in time.

An example of how this occurs is provided by method 500 of FIG. 5, wherestep 304 is followed by step 301 to define a looping method. Each timethe method loops to step 301, the outcome of a different recurrence ofthe recurring gaming activity is determined.

It will be appreciated that common practical examples of recurringgaming activities include lotteries with periodic draws.

In some embodiments along the lines of FIG. 5, the subsequent entry feeis deemed to have been received on the basis of the same risk profile asthe initial entry fee. However, this is not necessarily the case, and insome embodiments the risk profile for subsequent entry fees is a defaultrisk profile or a risk profile nominated by the player or determined inaccordance with another predefined protocol.

In the event that the subsequent entry fee is deemed to have beenreceived on the basis of the same risk profile as the initial entry fee,some significant results are encountered. In the event that a no-riskprofile is selected in respect of the initial entry, and the recurringentry option selected, a perpetually recurring entry is effectivelyprovided (of course, this is contingent on continuing recurrence of thegaming activity). In this case, a player is essentially able to providea single entry fee, and in exchange for that entry fee to be providedwith one or more entries in a gaming activity and all subsequentrecurrences of that gaming activity. In the context of lotteries havinga periodic draws, the player is essentially provided with one or moreentries in relation to each draw in exchange for a one-off entry fee. Inthe event that a hybrid risk profile is selected, the entry fee providedin relation to subsequent gaming activities diminishes after eachactivity, and inevitably the refundable proportion will diminish to alevel where it cannot be exchanged for any entries. As a variation, insome embodiments, if a hybrid risk profile is selected, a no-riskprofile is automatically adopted for subsequent activities thereby toprovide perpetual recurrence (of course, this is contingent oncontinuing recurrence of the gaming activity).

In some embodiments, a user is permitted at any time to change whetheror not the recurring entry option is selected. Essentially, this meansthat a user is permitted to obtain a refund corresponding to his/herremaining refundable entry fees at any time. For example, at or beforethe completion of the next gaming activity. Typically, a player whoobtains a refund prior to the completion of a given gaming activityforfeits any entries in that gaming activity.

Prize Pool Supplementation

As foreshadowed, step 303 includes distributing a prize pool amongstthose players to whom winning entries were allocated. In someembodiments, particularly where the gaming activity includes pari-mutuelaspects, this prize pool is funded at least in part by a portion of theentry fees.

The term “pool” is also intended to be given the broadest possibleinterpretation, covering the physical pooling of bets, entry fees orother value components into a single deposit account or other investmentproduct, as well as the virtual pooling of such components acrossmultiple accounts or multiple investment products, whether thosecomponents are deposited simultaneously or at different times, andwhether those components are invested over the same or differenttimeframes.

It is appreciated that, in the context of a pari-mutuel type gamingactivity, the provision of a no-risk profile may seem counterintuitive.In particular, in the context of many such gaming activities, entry feesare used to fund prizes. However, in the event that an entry fee isfully refundable, by traditional mechanics it is not possible to usethat entry fee to fund prizes.

Some embodiments of the present invention have been developed to allow aplayer who selects a no-risk profile in relation to a given entry fee tonevertheless make a contribution to a prize pool on the basis of thatentry fee. This is achieved by a process referred to as “prize poolsupplementation”, which is discussed below.

A general example of prize pool supplementation is provided by method600 of FIG. 6. Step 601 includes combining the entry fees received fromthe plurality of players at step 102 into an entry fee pool. This entryfee pool, in the present embodiment, includes three portions:

-   -   A prize portion. This prize portion is defined by at least a        proportion of the at-risk proportions of entry fees received at        step 102.    -   A refundable portion. The refundable proportions of entry fees        received at step 102 define this refundable portion.    -   A deductible portion. This portion is essentially defined by any        remaining proportion of the entry fees that is not attributable        to the prize portion or the refundable portion. In some        embodiments the gaming operator derives profit from the        deductible proportion. In some embodiments, government taxes,        duties, levies or charges are included in the deductible        portion. In some embodiments the deductible portion is zero.

Step 602 includes receiving supplementary income. This supplementaryincome includes a prize portion and a non-prize portion, with the latterbeing zero in some embodiments.

Step 604 includes combining the prize portion of supplementary incomewith the prize portion of the entry fee pool to form the prize pool fromwhich prizes are to be distributed. In some embodiments, by such anapproach and as described in more detail below, it is possible toprovide a prize pool that is greater in value than the sum of the entryfees. That is, the gaming activity distributes to the players a greatersum in prizes than was collected as entry fees.

Step 605 includes providing a refund pool from the refundable portion ofentry fee pool. It will be appreciated that this refund pool providesthe funds from which refunds are distributed at step 304.

The nature of supplementary income received at step 602 varies betweenembodiments. In some embodiments, the nature of supplementary incomeincludes income that falls into one or more of the following broadcategories, which should by no means be regarded as exclusive:

-   -   Investment Return. This is considered in more detail below under        the heading “Prize Pool Supplementation by Investment of Entry        Fees”, and various embodiments described herein assume that the        supplementary income takes this form. As a general overview,        some or all of the entry fees collected from players are        subjected to an investment procedure for a period of time, and        the supplementary income includes some or all of the investment        return derived from that investment procedure, or a an amount        having a value corresponding to some or all of the investment        return derived from that investment procedure (optionally        provided by an operator in anticipation of receiving the        investment return).    -   Operator Contributions. In some embodiments, the gaming operator        itself beneficially provides some or all of the supplementary        income from its own source of funds. For example, in some cases        the operator offers the incentive of an enhanced prize pool to        induce a higher level of player participation than might        otherwise be the case.    -   Third Party Contributions. In some embodiments, a third party        makes a contribution, and the supplementary income includes some        or all of this third party contribution. In some such        embodiments, a third party makes a contribution in consideration        for being granted a marketing opportunity. For example, a third        party enters into an arrangement with a gaming operator whereby        a predetermined level of contribution is made in exchange for        either the provision of marketing information on behalf of the        third party to one or more of the players, or alternately the        provision to the third party information regarding one or more        of the players (such as personal information or opinion        information), for subsequent marketing purposes. In a simple        example, entries are printed on physical tickets, these tickets        being configured to carry printed marketing information, and a        third party makes a contribution in exchange for having its own        marketing information printed on those tickets. It will be        appreciated that various marketing structures may be implemented        among different embodiments.

A significant result from the notion of supplementary income is that, atleast in some embodiments, a gaming operator is essentially able, in aconsistent and sustainable manner, to provide a gaming activity thatdistributes to players a sum of money or a corresponding value in prizesthat is greater than the sum of entry fees received from the players.That is, a game is provided that in essence “gives out more than ittakes in”. This is discussed further below.

Prize Pool Supplementation by Investment of Entry Fees

As foreshadowed, in some embodiments the supplementary income ispractically or notionally funded by subjecting some or all of the entryfees collected from players to an investment procedure for a period oftime, the supplementary income including some or all of the investmentreturn derived from that investment procedure or an amount correspondingto the value of some or all of that investment return. This isillustrated in method 700 of FIG. 7. In particular, step 701 includesinvesting a proportion of the entry fee pool (a non-zero proportion, inthis instance). Step 703 includes receiving a gross investment return,including a prize portion (referred to herein as the net investmentreturn) and a non-prize portion. Step 703 includes combining an amounthaving a value corresponding to the net investment return with the prizeportion of the entry fee pool to provide a prize pool for distributionto the winning players. In some cases this amount having a correspondingvalue to the net investment return is the investment return itself,whereas in other cases it is a third party or operator contribution madein anticipation of, or as a substitute for, the net investment return.

In some embodiments, so as to allow a longer investment period, step 703does not occur for some time after step 301 or 302, this period of timeoptionally being of the order of days, weeks or months.

Any references herein to “investment return” or “investment income” areto be interpreted as references to “net investment return” and “netinvestment income” unless specifically stated otherwise. In practice,the investment procedure results in the derivation of a gross investmentreturn, and various deductions (such as taxes, levies, duties,commissions, investment charges, broker fees, operator charges, and soon) are taken from this gross investment return. The term “netinvestment return” defines a remainder of the gross investment return,this net investment return being added to the prize pool as some or allof the supplementary income.

The terms “taxes” and “duties” as used herein are intended to encompassany relevant Federal, State and/or local government taxes, duties orimposts as well as levies or charges applied by intermediaries or otherthird parties connected with the gaming activity, that are essentiallynon-discretionary in so far as the gaming operators or players areconcerned.

The terms “invest”, “investing”, “investment” and the like as usedherein are intended to be afforded a broad interpretation covering theutilisation or disposition of funds or valuable assets in a generalsense. Examples include but are not limited to, investment in anyfinancial or real asset or property of any type, whether securitised orotherwise, with value denominated in any currency or combination ofcurrencies, whether listed on a public trading exchange or unlisted onany such exchange, including the following, as well as warrants,options, derivatives, deferred purchase contracts, installment receiptsand the like over any of the following:

-   -   Deposits with third parties whether interest-bearing or        otherwise and whether held with a financial institution or some        other party.    -   Mortgages, debt instruments or securities of any type.    -   Any form of American Depository Receipts or similar instruments        or asset classes as may be available from time to time in any        jurisdiction.    -   Promissory notes, bills of exchange, convertible notes, loan        notes or any other form of debt or debt instrument.    -   Convertible or other bonds.    -   Preference shares, redeemable preference shares, stocks,        equities or shares of any class whether fully or partly paid up.    -   Warrants, options, derivatives, deferred purchase contracts,        installment receipts and the like.    -   Options, warrants or similar instruments convertible into        stocks, shares or equities of any sort.    -   Warrants, options, derivatives, deferred purchase contracts,        installment receipts or the like over any index relating to any        matter including but not limited to stocks, shares or equities        of any sort or futures or any financial instrument or financial        asset.    -   Currency or interest rate swap agreements, forward interest rate        agreements and the like.    -   Real property or property of any other kind including        intellectual property.    -   Any contract, arrangement or instrument of any type which        confers a benefit of value in relation to an item or items of        value.    -   Futures contracts and the like in relation to any thing, item or        matter.    -   Currencies.    -   Precious metals.    -   Works of art and any other valuables such as stamps, coins or        jewels; and    -   Any other form of investment offering at least the potential for        return on capital over a period of time, whether or not the        capital is guaranteed, and whether or not a return on capital is        guaranteed.    -   Offshore investment.    -   Trade in bullion or the like.    -   Alternatives forms of disposition of valuable assets, for        example buy-back contracts and other instruments used in certain        jurisdictions in light of Sharia law, or in accord with any        other religious or other customs or beliefs.        Additionally, the terms “invest”, “investing”, “investment” and        the like, as used herein, should be construed as including, but        not limited to, the use of one or more money management        techniques to increase an available amount of funds and        investing the resultant increased available amount of funds. It        should also be appreciated that the “investment return” need not        be cash-based or even financial in nature, provided merely that        it has some intrinsic, virtual, deemed or perceived value in the        broad context of the gaming activity.

Further, it should be appreciated that for the purposes of the presentinvention, any investment procedure (or other methodology for generatingsupplementary contributions for or on behalf of players) may be entirelyinvisible from the players' perspectives, being managed as a “backoffice” operation by or on behalf of the gaming operator. Indeed, inmany embodiments, this is the preferred approach, so as to shield theplayers from the detail of potentially complex investment and riskmanagement strategies, which might otherwise detract from the experienceand enjoyment of the primary gaming activity itself. This is animportant distinction with respect to some forms of investment product,in which an understanding of transparent the underlying investmentmechanics is primary, and any associated gaming activity is of secondarysignificance.

FIG. 8A schematically illustrates an exemplary gaming administrationsystem 801 according to one embodiment where the prize pool issupplemented by investment income. Players 801 provide respective entryfees to the system 801. These entry fees are combined into an entry feepool 802. This entry fee pool includes non-investment capital 804 andinvestment capital 805, although in some embodiments the former has azero value. Investment capital 805 is provided to an investment vehicle806, optionally by way of electronic funds transfer. In some embodimentsthe entry fees, or parts thereof, are transferred substantially directlyto this vehicle. Non-investment capital 804 is added to a prize pool807.

At the end of a predetermined investment period, investment capital 805is added to prize pool 807. A gross investment return 808 is received,and from this an administrator commission 814 is deducted, along withother deductions 815 (such as taxes, levies, duties, investment costs,and so on), thereby to define a net investment return 809. Netinvestment return 809 is added to prize pool 807, that prize pool beingat an appropriate time distributed among the players.

Sustaining a Prize Pool of Greater Magnitude than an Entry Fee Pool

As foreshadowed, a significant result from the notion of supplementaryincome is that, at least in some embodiments, a gaming operator isessentially able, in a consistent and sustainable manner, to provide agaming activity that distributes to players a sum of money (or a prizepool having a value) that is greater than the sum of entry fees receivedfrom the players. That is, a game that “gives out more than it takesin”. Some embodiments of the present invention are focussed on such agaming activity, quite apart from aspects of risk profiles. For example,in one embodiment the invention provides a method including the stepsof:

-   -   Receiving entry fees from players.    -   Combining the entry fees into an entry fee pool.    -   Defining a prize portion of the entry fee pool for addition to a        prize pool.    -   Deriving gross supplementary income. In some cases this gross        supplementary income is derived by virtue of the operator having        access to the funds defining the entry fee pool (for example by        way of investing some or all of the entry fee pool). In some        cases this supplementary income is derived by virtue of the        operator having an interaction with the players (for example        where the supplementary income is derived from providing        marketing information such as a corporate name or logo imprinted        on a ticket to the players, or acquiring personal information of        marketing value such as contact details or purchasing        preferences from the players).    -   Defining net supplementary income. This is, in some embodiments,        the gross supplementary income less any predefined deductions,        such as taxes, duties, levies, operator deductions, commissions,        investment costs, and so on.    -   Combining the prize portion of the entry fee pool with the net        supplementary income to form the prize pool, wherein the prize        pool has a value greater than the sum of the entry fees.    -   Distributing the prize pool among winning players based on a        distribution protocol.

It is appreciated that, in the prior art, it is known for a gamingoperator to itself make a contribution to the prize pool, thereby toprovide a prize pool having a value greater than the sum of the entryfees. However, it will be appreciated that this is unsustainable andtypically a temporary, or ad-hoc or one-off approach implemented fromtime-to-time to increase player participation or to honour prizepromises in the event that participation is below expectations. On theother hand, some embodiments of the present invention provide approachesthat are sustainable in the longer term, these being particularly usefulfor recurring gaming activities.

Unclaimed/Abandoned Prizes

In some embodiments, unclaimed prizes are used to further supplement theprize pool. Referring to examples considered previously, steps 303 and304 respectively include distributing a prize pool or prizes to playersto whom the winning entries were allocated and refunding the refundableportions of entry fees to players who selected risk profiles definingnon-zero refundable proportions. As foreshadowed, there is norequirement that, at the completion of steps 303 and 304, the relevantplayers have physically received prizes and/or refunds. Rather, in someembodiments, these steps include simply making it possible for winningplayers to obtain prizes and/or refunds by redeeming their entries in adesignated manner.

Inevitably, for at least some of the refunds and prizes, there will be adelay between the steps 303/304 and the time at which funds are actuallyobtained by players. During this delay, the funds are considered to be“unclaimed prizes” (noting that these, at least in some cases, includeboth prizes and refunds). In some cases, upon the expiration of apredetermined time period, it is deemed that certain unclaimed prizeswill never be obtained by the relevant player or players, and these arecategorised as “abandoned prizes” (again, noting that these, at least insome cases, may include both prizes and refunds).

In some embodiments, some or all of the unclaimed prizes are subjectedto an investment procedure to derive investment income. At least aportion of this investment income is then added to a subsequent prizepool in relation to a subsequent gaming activity, typically a recurrenceof the gaming activity from which the unclaimed prizes originated(although not necessarily the immediately subsequent recurrence). Itwill be appreciated that such an approach allows for additional prizepool supplementation.

In some embodiments a proportion of the abandoned prizes is also addedto the prize pool for a subsequent gaming activity.

Contribution

In some of the embodiments considered below, the number of entriesallocated to a given player takes into account the “contribution” madeby that player. Notionally, each entry fee has a corresponding totalcontribution. This total contribution includes:

-   -   A primary contribution amount, which comprises the proportion        (which may be zero) of the entry fee that is placed at risk,        less any predefined deductions. These predefined deductions        include none or more of operator deductions (for example where        the gaming operator takes a proportion of the entry fees as        income), levies, taxes, duties, and so on. Essentially, it is        the proportion of the entry fee that is attributable to the        prize pool.    -   A supplementary contribution amount. For a given entry, the        supplementary contribution amount is a proportion of the        supplementary income attributable to that entry. In some        examples along the lines of FIG. 7 and FIG. 8A, the        supplementary contribution amount comprises the proportion of        the prize portion of investment return notionally or actually        attributable to a given entry. This will be more fully        understood in light of examples considered further below.

The precise manner in which contribution is defined varies betweenembodiments, and the scope of the present disclosure should notnecessarily be limited by any specific definition. The supplementarycontribution amount for a given player in some embodiments includescomponents having values corresponding to:

-   -   An entry fee supplementary contribution amount. For example, an        operator designates that a predetermined proportion of each        entry fee defines at least a component of the supplementary        contribution amount for that entry fee.    -   A net investment return derived from subjecting the entry fee to        an investment procedure for a period of time (such as from the        time the entry fee is received to the time primary prizes are        allocated). The investment procedure derives a gross investment        return, and of this a net investment return preferably defines a        component of a player's supplementary contribution amount.    -   A net distribution marketing amount. For example, a third party        provides a gaming operator with a gross distribution marketing        amount (such as currency or goods/services) in consideration for        marketing information being provided to a player. Of this gross        distribution marketing amount, a net distribution marketing        amount preferably provides a component of the player's        supplementary contribution amount. In some cases, a player        receives a ticket (physical or electronic) as a receipt for        placing an entry fee, and this ticket carries the relevant        marketing information. In some cases a player is able to        increase his/her net distribution marketing amount by receiving        further marketing material—for example by viewing electronic        advertisements.    -   A net collection marketing amount. This is similar to the        example considered above, however is derived by collecting        information from players, such as personal information or        opinion information. For example, in some cases a player is able        to increase his/her net collection marketing amount by        participating in a survey.    -   Other net third party contribution amounts.

This is by no means an exclusive list, and alternative embodiments makeuse of a wider range of possible amounts.

There is discussion in the above examples of “gross” amounts and “net”amounts. The terms “gross” and “net” are used in a descriptive senseonly. In particular, the term “gross” refers to an amount derived by thegaming operator, and the term “net” refers to an amount that is added tothe supplementary contribution amount. In some cases the net amount isthe corresponding gross amount less any applicable taxes, levies oroperator charges. In other cases there is no direct nexus between thegross and net amounts.

In some embodiments, a player is able to obtain one or more entrieswithout providing a physical entry fee, and instead by participating inmarketing activities so as to derive a supplementary contributionamount, and therefore make a non-zero contribution. That is, in somecases the entry is in essence wholly notional, and may also be deemed tobe fully or partially refundable, based on associated risk factorsand/or other criteria. However, the player does indeed provide an entryfee that has value to the operator, in the sense that, by the playerparticipating in marketing activities, the operator derives a grossmarketing contribution amount. This allows the player to derive asupplementary contribution amount, and therefore receive one or moreentries. In a practical example, players are, in this way, essentiallyable to be provided “free” entries in exchange for viewingadvertisements or participating in market research activities. Thenumber of entries allocated to a given player is, as in various otherexamples presently considered, preferably related to the supplementarycontribution amount for that player.

Allocation of Entries to Players

The number of entries allocated to a given player at step 103 variesbetween embodiments. As a general notion, the risk profile selected by aplayer impacts on that player's involvement in the gaming activity. Itwill be appreciated that, by selecting a risk profile, a player isessentially able to manage the risk taken, with risk inherentlyincreasing in relation to a given entry fee as a greater proportion ofthat entry fee is placed at risk. Several categories of examplesregarding how the selection of a risk profile affects the player'sinvolvement in the gaming activity are considered below, and fall intothe following general categories:

-   -   Risk and Chance. Under this category, the risk profile selected        by a given player affects the relative probability of that        player winning a prize in relation to the gaming activity in        exchange for the entry fee provided. In some cases, this        relative probability is increased by allocating more entries,        and the risk profile selected by a given player affects the        number of entries allocated to that player in exchange for the        entry fee provided.    -   Risk and Cost. Under this category, the risk profile selected by        a given player affects the quantum of entry fee in exchange for        which a predetermined number of entries is allocated.    -   Risk and Return. Under this category, the risk profile selected        by a given player affects one or more characteristics of a prize        winnable by that player in exchange for the entry fee provided.    -   Combination Approaches. This category combines two or more of        the above categories. For example, in some cases, the risk        profile selected by a given player affects the quantum of entry        fee in exchange for which a predetermined number of entries is        allocated and one or more characteristics of a prize winnable by        that player in exchange for the entry fee provided.

These categories are dealt with in more detail below, under respectiveheadings.

Risk and Chance

As foreshadowed, some embodiments of the present invention allow aplayer to select between a plurality of unique risk profiles, and indoing so manage aspects of risk and chance. In overview, each riskprofile defines a proportion of the entry fee that is refundable on thebasis of predetermined refund criteria and a complementary proportion ofthe entry fee that is placed at risk. As noted above, in someembodiments, the risk profiles include:

-   -   A “no-risk” profile. Under this profile, the entry fee is 100%        refundable in the case of a no-win event. That is, a player        selecting the “no-risk” profile is essentially promised a refund        of his or her entry fee regardless of the outcome of the gaming        activity.    -   A “full-risk” profile. Under this profile, 100% of the entry fee        is placed at risk, and the player is not promised any refund in        the case of a no-win event.    -   One or more hybrid-risk profiles where X % of the entry fee is        refundable and Y % of the entry fee is placed at risk, with        constraints X+Y=100 and 0<X<100.

In the context of “Risk and Chance”, the risk profile selected by agiven player affects the relative probability of that player winning aprize in relation to the gaming activity in exchange for the entry feeprovided. In some cases, this relative probability is increased byallocating more entries, and the risk profile selected by a given playeraffects the number of entries allocated to or on behalf of that playerin exchange for the entry fee provided.

The term “relative probability” essentially describes the probability ofan entry being identified as a winning entry, relative to the totalnumber of entries at the time the outcome is determined (that it, thetime of step 301). As used herein, the terms “chance” and “chances” areparticularly distinguished from the concept of relative probability. Theterm “chance” is used to describe a notional unit of chance, and therelative probability of this “chance” winning a prize depends on thetotal number of competing chances. For example, if a first player isawarded a single chance in a game where there are a total of 100 chancesawarded, that player has a 1 in 100 relative probability of winning onthe basis of that chance. If a second player in the same game is awarded10 chances of these 100 total chances, that player has a 1 in 10relative probability of winning. If another 100 chances are subsequentlyawarded, increasing the total number of chances in the game to 200, thefirst and second player's relative probabilities of winning decrease to1 in 200 and 1 in 20 respectively. As used herein, unless the contextdictates otherwise, the phrase “chances of winning” relates to thenumber of chances, and not necessarily to the relative probability ofwinning.

In overview, Risk and Chance embodiments assume a situation where aplayer's chances of winning a prize in relation to a particular gamingactivity correspond to the number of entries that player holds inrelation to that gaming activity. By doubling the number of entries, thenumber of chances correspondingly doubles. Increasing the chancesawarded to a player can correspondingly increase the probability of aplayer winning, however the relative probability of the player winningwill also depend on the total number of chances/entries in the game, andmay vary over time as the total number of chances/entries in the gamecorrespondingly varies.

In the context of the present disclosure, it is assumed that a singleentry equates to a single chance. This is for the sake of simplicityonly, and it will be appreciated that in some embodiments some entriesmay be structured or defined so as to carry with them a plurality ofchances. For example, in some embodiments each entry may equate to a“packet” of five chances.

In some embodiments of the invention, the number of entries allocated toa given player, on the basis of a given entry fee, is greater if thatplayer adopts a less conservative risk profile (that is, a risk profilefor which a higher proportion of the entry fee is placed at risk). Thatis, for a first risk profile, a given player is allocated apredetermined number of entries in exchange for a predetermined entryfee, and, for a second risk profile, a given player is allocated anincreased number of entries for the same predetermined entry fee,wherein the first risk profile defines a greater proportion of the entryfee that is refundable compared with the second risk profile.

In some embodiments, the number of entries allocated to a given playeris related to a contribution made by or on behalf of that player to therelevant prize pool. For example, in some embodiments the number ofentries allocated to a given player is determined according to thegeneral formula:E _(player) =kA+B

wherein E_(player) is the number of entries allocated to a particularplayer in exchange for the entry fee provided by that player, A is aparameter related to the contribution made by or on behalf of thatplayer to the prize pool, B is an adjustment factor, and k is aproportionality factor selected such that the allocation of entriesfollows a predetermined risk/chance favouritism protocol. In some cases,it is preferred that k≧1, and in some embodiments 1≦k≦100. However, invarious embodiments 0.01≦k≦100.

One approach for implementing Risk and Chance is to use “bonus entries”.As a general concept, a player who places a non-zero proportion of hisor her entry fee at risk receives more bonus entries than a player whoadopts a no-risk profile (and in doing so places none of his/her entryfee at risk), and therefore the former player is rewarded with anincreased number of entries, in the form of bonus entries. Severalexamples of how bonus entries are assigned in various embodiments areconsidered below. In these examples, the following parameters are used:

-   -   t_(player), the entry fee provided by a particular player. For        the purposes of some embodiments, t_(player) is assumed to be        net of any levies, taxes, operator charges, and so on. That is,        in some embodiments t_(player) is less than the actual amount of        money provided by the player.    -   b_(player), the number of “bonus entries” given to a particular        player in exchange for t_(player).    -   s_(player), the number of “standard entries” given to a        particular player in exchange for t_(player).    -   E_(player), the total number of entries given to a particular        player based on an entry fee t_(player). Unless specifically        stated otherwise, it may be assumed that this total number of        entries is made up of the standard entries and the bonus entries        (E_(player)=s_(player)+b_(player)). In some embodiments there        are no standard entries, only bonus entries, as discussed below.    -   a, the desired refund proportion for a particular player, where        0≦a≦1. This is, in essence, indicative of a risk profile.        Specifically, a=0 for full-risk and a=1 for no-risk. If a=0.2,        then 20% of the entry fee is refundable and 80% of the entry fee        is placed at-risk. It will be recognised that (1−a) is the        proportion that is placed at risk.    -   I₁ and I₂, the net rates of return based on supplementary        contribution strategies in respect of the refundable portion of        the entry fee and non-refundable portion of the entry fee        respectively. This is the “net” strategy in the sense that it        excludes supplementary contribution that is attributable to        operator charges, investment costs, taxes, levies, and the like.        It only relates to that portion of supplementary contribution        that is designated for addition to the prize pool. For        simplicity in the present examples, it is assumed that        supplementary contribution takes the form of investment return        only. However it will be appreciated that this is for the sake        of illustration only, and the present embodiments are by no        means intended to be limited to the situation where        supplementary contribution is comprised wholly or even partly of        investment return. In the present examples, it will be        appreciated that I₁(a.t_(player)) provides the net return on        investment on the refundable portion of the entry fee, and        likewise I₂.((1−a).t_(player)) provides the net return on        investment on the at-risk portion of the entry fee. To provide a        simple example, if the investment strategy I₁ provides a 1% net        return on investment for funds invested over the course of the        “game period”, then I₁=0.01. It will be appreciated, from the        context, that the “game period” is the period of time between        the receipt of entry fees and the distribution of prizes and        refunds during which the entry fees are subjected to investment.        In some embodiments I₁=I₂, and in some embodiments one of I₁ or        I₂ is zero. It will be appreciated that values of I₁ or I₂        depend on the selection of appropriate investment and        risk-management strategies on the part of a game operator,        issues that fall generally beyond the scope of the present        disclosure. In the present circumstances, a positive return on        investment is assumed. Furthermore, although in the present        embodiments linear investment strategies are assumed, in other        embodiments non-linear investment strategies are used. The        present embodiments assume a positive return on investment,        which can effectively be guaranteed by the operator if desired,        for example through fixed-interest bearing deposits with secure        financial institutions, or otherwise hedged against loss. This        feature is a particularly advantageous and attractive outcome        from the players' perspective by contrast with traditional        pari-mutuel type gaming systems, in which the prize pool        available for distribution to players collectively is typically        of lesser value than the total amount received from the players        collectively as bets.    -   C_(player), the contribution a player makes based on t_(player).        C_(player), in the present embodiments, consists of the return        on investment derived in respect of the entry fee plus the        portion of the entry fee that is placed at risk. It will be        appreciated that the following formula can be used to calculate        C_(player):        C _(player) =I ₁(a.t _(player))+I ₂((1−a).t _(player))+(1−a).t        _(player)    -    In other embodiments a different definition of C_(player) is        used, for example in embodiments where the supplementary income        includes or is defined by a component other than a net        investment return (such as an operator contribution or third        party contribution).

t_(unit), a unit payment amount. This parameter is used in someembodiments where an operator wishes to set a minimum spend level,and/or receive entry fees in common multiples. For example, in oneembodiment t_(unit)=$10, and entries are sold in $10 lots. In someembodiments t_(unit) only applies in certain situations—for examplet_(unit) applies for entries sold at a physical retail venue, andt_(unit) does not apply for entries sold at virtual retail venues (bytelephone, SMS, email, internet, or the like). In some cases, a minimumspend level is set independent of t_(unit). In some embodiments, thereis substantially no restriction on the quantum of entry fee that aplayer is able to provide, conditional on that entry fee being greaterthan the minimum spend level.

-   -   e, the number of standard entries per unit payment amount. e is        used in conjunction with t_(unit). For example, in one        embodiment a $10 lot buys five standard entries, so t_(unit)=$10        and e=5. In embodiments where t_(unit) and e are used, it will        be appreciated that the following formula provides s_(price),        the price of a single standard entry:

$s_{price} = \frac{t_{unit}}{e}$

-   -    It will be appreciated that the number of standard entries        s_(player) given to a player in exchange for a unit payment is        given by the following formula:

$s_{player} = {\frac{t_{player}}{\frac{t_{unit}}{e}} = {\frac{e}{t_{unit}} \cdot t_{player}}}$

-   -    In some embodiments, there is no limitation on an entry fee        provided by a player, and the number of entries awarded to a        given player is simply the total sum provided by that player        divided by s_(price), with any residual amount attributable to        an “impartial entry” being returned as change. In some cases        s_(price) is set at $0.01 (or an alternative lowest possible        unit of legal tender) to substantially eliminate residual        amounts.    -   k, a proportionality constant. This proportionality constant is        used in the sense that if A is proportional to B, then A=k.B.        The proportionality constant is varied to affect game        characteristics, such as whether risk-averse or non-risk averse        (or neither of these) players are favoured. That is, k is a        proportionality constant selected such that the allocation of        bonus entries follows a predetermined risk/chance favouritism        protocol.

It should be noted that the term “bonus” is intended to be descriptiveonly, and the use of this term should not be regarded as limiting in anyway. That is, in other embodiments, approaches are implemented whereby acategory of entries corresponding conceptually to “bonus” entries may beimplemented, although those entries may not necessarily be explicitlyreferred to as “bonus entries”. The terms “bonus entry”, “bonus entries”and the like are intended to be broadly construed as encompassing bothphysical and virtual bonus entries, as well as any other physical orvirtual mechanism, mathematical algorithm, software program, programmingsubroutine or any combination thereof that has an equivalent effect ofincreasing the chances, in some defined way, of a particular entrantwinning the associated gaming activity, relative to those of one or moreother entrants, or categories of entrants, or relative to the sameplayer under different circumstances. A bonus entry may also provide theopportunity for a particular entrant to participate in a larger prizepool relative to one or more other entrants, on the basis of the same ordifferent chances of winning.

EXAMPLE 1 Bonus Entries Proportional to Contribution

In some embodiments, the number of bonus entries awarded is proportionalto the player's contribution. That is, the following formula applies:b _(player) =k.(C _(player))=k.(I ₁(a.t _(player))+I ₂((1−a).t_(player))+(1−a).t _(player))

In such embodiments, the total number of entries that are awarded to aplayer is given by the formula E_(player)=s_(player)+b_(player). In somecases the players are offered a set number of standard entries for aunit entry amount, such as 5 entries for $1, 1 entry for $5, or entriesat $1 each. The player receives this many standard entries, plus bonusentries proportional to contribution. In such cases, it is preferredthat k≧1, and in some embodiments 1≦k≦100. However, in variousembodiments 0.01≦k≦100.

As a numerical example, consider an instance where e/t_(unit)=0.1 (suchas one entry for $10), I₁=I₂=0.02, and k=1. Three players each provide a$100 entry fee at a=0, a=0.5, and a=1 respectively. The first player(a=0) receives 12 entries (10 standard, 2 bonus), the second player(a=0.5) receives 62 entries (10 standard, 52 bonus), and the thirdplayer (a=1) receives 112 entries (10 standard, 102 bonus).

In some embodiments s_(player)=0 (i.e. e/t_(unit)=0), meaning that onlybonus entries are awarded (it is appreciated that in such embodimentsthe term “bonus” is somewhat redundant, as E_(player)=b_(player)). Toprovide a further numerical example, consider an instance wheree/t_(unit)=0, I₁=I₂=0.02, and k=1. Three players provide $100 entry feesat a=0, a=0.5, and a=1 respectively. The first player (a=0) receives 2entries, the second player (a=0.5) receives 52 entries, and the thirdplayer (a=1) receives 102 entries. It will be recognised that, with k=1,b_(player)=C_(player).

EXAMPLE 2 Total Entries Proportional to Contribution

In some embodiments, the total number of entries awarded is proportionalto the player's contribution. That is, the following formula applies:E _(player) =k.(C _(player))=k.(I ₁(a.t _(player))+I ₂((1−a).t_(player))+(1−a).t _(player))

In such embodiments, the total number of entries that are awarded to aplayer is again given by the formula E_(player)=s_(player)+b_(player).Therefore:b _(player) =k.(C _(player))−s _(player)

As a numerical example, consider an instance where e/t_(unit)=0.1,I₁=I₂=0.02, and k=10. Three players each provide $100 in entry fees ata=0, a=0.5, and a=1 respectively. The first player (a=0) receives 20entries (10 standard, 10 bonus), the second player (a=0.5) receives 530entries (10 standard, 520 bonus), and the third player (a=1) receives1030 entries (10 standard, 1020 bonus).

It will be appreciated that if k.(C_(player))<s_(player), the aboveformula yields a negative result for b_(player). In some embodimentsthis is conveniently avoided by appropriate selection of k. However, inother embodiments a philosophical change allows for the concept ofnegative bonus entries. For example, in one embodiment s_(player) isreplaced by m_(player), which defines the maximum number of entriesawarded based on a full-risk profile, and b_(player) is replaced byf_(player), which defines a number of those entries that are foregone ifthe player decides to adopt a more conservative risk profile. That is,E_(player)=m_(player)−f_(player). It will be appreciated that theunderlying concept is the same, although the perception shifts fromrewarding players who take greater risks to penalising players who takesmaller risks.

EXAMPLE 3 Bonus Entries Proportional to Entry Fee Placed at Risk

In some embodiments, the number of bonus entries that are awarded to aplayer is proportional to the portion of the entry fee that the playerputs at risk. That is, the following formula applies:b _(player) =k.((1−a).t _(player))

This is generally similar to Example 1, however contribution derivedfrom return on investment does not result in bonus entries. As a result,players that adopt a “no-risk” risk profile receive no bonus entries.

Again, the total number of entries that are awarded to a player is givenby the formula E_(player)=s_(player)+b_(player), and the player receivesthis many standard entries, plus bonus entries proportional tocontribution. In a similar vein to Example 1, it is preferred that k≧1,and in some embodiments 1≦k≦100. In further embodiments 0.01≦k≦100.

An advantage of this example is that entries are able to be accuratelyawarded without necessarily having accurate knowledge of I₁ or I₂. Theinvestment return is nevertheless returned to the prize pool fordistribution.

As a numerical example, consider an instance where e/t_(unit)=0.1,I₁=I₂=0.02, and k=1. Three players provide $100 entry fees at a=0,a=0.5, and a=1 respectively. The first player (a=0) receives 10 entries(10 standard, 0 bonus), the second player (a=0.5) receives 60 entries(10 standard, 50 bonus), and the third player (a=1) receives 110 entries(10 standard, 100 bonus).

EXAMPLE 4 Bonus Entries Only Awarded where Funds Placed at Risk

In some embodiments, bonus entries are awarded only in the event thatfunds are placed at risk. That is, a player who adopts a no-risk profile(a=1) receives no bonus entries. In disclosing this example, we begin byconsidering the “real cost” of a no-risk standard entry.

In overview, a no-risk standard entry is advertised at a cost oft_(unit)/e, and a player is permitted to purchase a 100% refundablesingle standard entry by handing over t_(unit)/e in funds. However, theoperator does not keep these funds. Rather, the operator invests thesefunds to derive a net investment return of I₁ _(—) (t_(unit)/e) (notingthat, for this entry, a=1 and t_(player)=t_(unit)/e). Therefore, theplayer is really paying I₁ _(—) (t_(unit)/e) for that no-risk standardentry, and the real cost, R_(s), which in a sense corresponds to an“opportunity cost” from the player's perspective, is given by:

$R_{s} = {I_{1}\frac{t_{unit}}{e}}$

For example, assume that a standard entry has a price of $2 (that is,t_(unit)/e=2), and further assume that I¹=0.01. The sale of one standardentry at a=1 results in a return on investment return of $0.02.Therefore, the real cost of a standard entry is $0.02.

In the present example R_(s) is used to determine the total number ofentries (standard and bonus) that should be awarded to a player thatprovides an entry fee of t_(player) at a particular risk profile, therationale being that all entries should cost the same, in terms ofrelative contribution, as a no-risk standard entry. That is:

$E_{player} = \frac{C_{player}}{R_{s}}$

And, from E_(player)=s_(player)+b_(player), we get:

$b_{player} = {\frac{C_{player}}{R_{s}} - {s_{player}.}}$

It will be appreciated that the minimum contribution a player is able tomake is where a=1, (referred to by C_(a=1), in this instance) that is:C_(a=1)=I₁t_(player)

Therefore, in the event that a player adopts a risk profile of a=1, thenumber of bonus tickets awarded (referred to by b_(a=1), in thisinstance) is given by:

$b_{a = 1} = {\frac{I_{1}t_{player}}{R_{s}} - s_{player}}$

Expanding, this becomes:

$b_{a = 1} = {{\frac{I_{1}t_{player}}{I_{1}\frac{t_{unit}}{e}} - {\frac{e}{t_{unit}} \cdot t_{player}}} = 0}$

This confirms that a player who places no funds at risk receives nobonus entries.

The above formula for b_(player) provides an “equity position”, thisbeing a position where (at least in theory) risk-averse players andnon-risk-averse players are treated equitably. To provide a numericalexample, in the case that a standard entry has a price of $1 (that is,e/t_(unit)=1), and I₁=I₂=0.02, the at-risk contribution for a t_(player)of $1 at a=1 is 1.02. Given that entry, R_(s)=0.02, an entry fee of $1at a=1 derives 50 bonus entries, and a total of 51 entries.

In some embodiments, k is used to shift away from this equity position,and thereby to affect whether risk-averse or non-risk-averse players arefavoured. The general form of this formula is therefore:

$b_{player} = {{k\frac{C_{player}}{R_{s}}} - s_{player}}$

Typically, 0.01≦k≦100, more preferably 0.01≦k≦10 or 0.1≦k≦10, and stillmore preferably 0.5≦k≦5. In some embodiments k=1, or thereabouts.

Although the above discussion focuses on calculating R_(s) byconsideration of a single standard entry sold at no-risk, it is alsopossible to achieve the same general objective by considering, as astarting point, an amount of t_(unit)/e invested at a=0.

OTHER EXAMPLES

In some embodiments the total number of entries awarded is proportionalto the “at-risk contribution”. The “at-risk contribution” describes thecontribution resulting from at-risk funds (the return on investment onat-risk funds plus the at-risk funds themselves), and is given by thefollowing formula:C _(risk) =I ₂((1−a).t _(player))+(1−a).t _(player)

As such, the following formula applies:E _(player) =k.C _(risk) =k(I ₂((1−a).t _(player))+(1−a).t _(player))

Again, the total number of entries that are awarded to a player is givenby the formula E_(player)=s_(player)+b_(player), so:B _(player) =k.C _(risk) −s _(player) =k(I ₂((1−a).t _(player))+(1−a).t_(player))−s _(player)

As noted above, the number of standard entries awarded is given by

$s_{player} = {\frac{e}{t_{unit}} \cdot t_{player}}$ Therefore:B_(player) = k ⋅ C_(risk) − s_(player)

Expanding this, we get:

$B_{player} = {{k\left( {{I_{2}\left( {\left( {1 - a} \right) \cdot t_{player}} \right)} + {\left( {1 - a} \right) \cdot t_{player}}} \right)} - {\frac{e}{t_{unit}} \cdot t_{player}}}$

Or, with some simplification,

$B_{player} = {t_{player}\left( {{{k\left( {1 - a} \right)}\left( {I_{2} + 1} \right)} - \frac{e}{t_{unit}}} \right)}$

In other embodiments the number of bonus entries awarded is proportionalto the at-risk contribution as follows:B _(player) =k.C _(risk)

It will be appreciated that the above examples each make use of arelationship in the general form:b _(player) =kα+β

where α is a is a parameter related to the contribution the player makesto the prize pool (such as a parameter based on one or more ofC_(player), C_(risk), T_(player), and R_(s)) and β is an adjustmentfactor (such as zero or a parameter relying on S_(player)). Otherembodiments falling within the scope of the present invention make useof alternate relationships based on this general form.

Risk and Cost

As foreshadowed, in some embodiments players are allowed to manageaspects of risk and cost. In such cases, the risk profile selected by agiven player affects the quantum of entry fee in exchange for which apredetermined number of entries is allocated. In some such cases, for afirst risk profile, a given player is allocated a predetermined numberof entries in exchange for a predetermined entry fee, and, for a secondrisk profile, a given player is allocated the same predetermined numberof entries for less than the predetermined entry fee, wherein the firstrisk profile defines a greater proportion of the entry fee that isrefundable compared with the second risk profile.

In a simple example, an operator offers for sale “no-risk entries” (thatis, entries for which 100% of the entry fee is refundable) and“full-risk entries” (that is, entries for which 100% of the entry fee isplaced at risk). Entries of each type are offered for sale at respectiveprices. The prices define the quantum of entry fee that is provided inexchange for a predetermined number of entries, which in some cases is asingle entry. In this simple example, we assume that the predeterminednumber is one, such that the prices define the quantum of entry fee thatis provided in exchange for a single entry. A single full-risk entry isoffered for sale at a lower price than a single no-risk entry. Thegeneral underlying rationale is that players who purchase full-riskentries make a greater contribution to a prize pool as compared withplayers who purchase no-risk entries. Indeed, in some embodiments theonly contribution made to the prize pool resulting from a no-risk entryis either zero, or comes from a portion of return on investment derivedfrom investing some or all of the entry fee provided in exchange forthat no-risk entry (or other supplementary income).

In more complex embodiments, a larger number of entry types are used,including one or more “hybrid risk entries” (that is, entriescorresponding to hybrid risk profiles). Generally speaking, as theproportion of refundable entry fee increases, so does the quantum ofentry fee in exchange for which a common predetermined number of entriesis allocated.

The manner in which a pricing structure is implemented for entries atvarying risk profiles differs between embodiments. One approach is toconsider a contribution (net of any taxes, duties, levies, operatorcharges, and other deductions) made to a prize pool by a full-riskentry, and to apply a constraint such that all entries make the samecontribution to the prize pool. For example, consider a situation wherefull-risk entries are offered for sale at a unit price of $10. Assume,for the sake of example, that an investment return of $1 (correspondingto 10%) is added to the prize pool in respect of a $10 full-risk entry.The contribution of that entry is therefore $11. In determining apricing structure, a constraint is therefore set such that for any givenentry the contribution is $11. In that vein, consider a no-risk entry.The contribution made by a no-risk entry is the portion of investmentreturn that is added to the prize pool. Therefore, the investment returnshould be $11. Noting that, for this example, the investment return is10% of the entry fee, no-risk entries are therefore offered for sale ata unit price of $110.

In another embodiment, the contribution made by a full-risk entry isdefined to be exclusive of investment return. For example, thecontribution of a $10 full-risk entry is therefore $10. Assuming a 10%return on investment is added to the prize pool in respect a no-riskentry, such entries are therefore offered for sale at a unit price of$100.

In some embodiments the pricing structure is varied to apply apredetermined risk/cost favouritism protocol. For example, thedivergence in unit costs between no-risk entries and full risk entriesis either reduced (advantaging risk-averse players) or increased(disadvantaging risk-averse players) compared to the examples providedabove.

There are a number of approaches implemented across various embodimentsfor determining an appropriate pricing structure for entries at varyingrisk profiles. Several examples are considered below, and the followingparameters are used:

-   -   a, the desired refund proportion for a particular player, where        0≦a≦1. This is, in essence, indicative of a risk profile.        Specifically, a=0 for full-risk and a=1 for no-risk. If a=0.2,        then 20% of the entry fee is refundable and 80% of the entry fee        is placed at-risk. It will be recognised that (1−a) is the        proportion that is placed at risk.    -   F_(a=n), the entry fee a player provides to obtain a        predetermined number of entries at a risk profile defined by        a=n, where 0≦n≦1. For example, the entry fee for a predetermined        number of no-risk entries is provided by F_(a=1), the entry fee        for the same predetermined number of full-risk entries is        provided by F_(a=0), and the entry fee for the same        predetermined number of entries where 50% of the entry fee is        placed at risk is provided by F_(a=0.5). To provide a simple        example, if no-risk entries are offered for sale at $1 for the        predetermined number, then F_(a=1)=$1. In some embodiments the        predetermined number is one.    -   I₁ and I₂, the net rates of return based on supplementary        contribution strategies in respect of the refundable portion of        the entry fee and non-refundable portion of the entry fee        respectively. This is the “net” strategy in the sense that it        excludes supplementary contribution that is attributable to        operator charges, investment costs, taxes, levies, and the like.        It only relates to that portion of supplementary contribution        that is designated for addition to the prize pool. For        simplicity in the present examples, it is assumed that        supplementary contribution takes the form of investment return        only. However it will be appreciated that this is for the sake        of illustration only, and the present embodiments are by no        means intended to be limited to the situation where        supplementary contribution is comprised wholly or even partly of        investment return. In the present examples, it will be        appreciated that I₁ (a.F_(a=n)) provides the net return on        investment on the refundable portion of the entry fee for a        single entry at a=n, and likewise I₂.((1−a).F_(a=n)) provides        the net return on investment on the at-risk portion of the entry        fee for a single entry at a=n. To provide a simple example, if        the investment strategy I₁ provides a 1% net return on        investment for funds invested over the course of the “game        period”, then I₁=0.01. It will be appreciated, from the context,        that the “game period” is the period of time between the receipt        of entry fees and the distribution of prizes and refunds during        which the entry fees are subjected to investment. In some        embodiments I₁=I₂, and in some embodiments one of I₁ or I₂ is        zero. It will be appreciated that values of I₁ or I₂ depend on        the selection of appropriate investment and risk-management        strategies on the part of a game operator, issues that fall        generally beyond the scope of the present disclosure. In the        present circumstances, a positive return on investment is        assumed. Furthermore, although in the present embodiments linear        investment strategies are assumed, in other embodiments        non-linear investment strategies are used. A positive return on        investment can effectively be guaranteed by the operator if        desired, for example through fixed-interest bearing deposits        with secure financial institutions, or otherwise hedged against        loss. This feature is a particularly advantageous and attractive        outcome from the players' perspective by contrast with        traditional pari-mutuel type gaming systems, in which the prize        pool available for distribution to players collectively is        inherently of lesser value than the total amount received from        the players collectively as bets.    -   C_(a=n), the contribution to the prize pool resulting from the        sale of the predetermined number of entries in exchange for an        entry fee of F_(a=n). C_(a=n) consists, in the present examples,        of the return on investment derived in respect of the entry fee        plus the portion of the entry fee that is placed at risk. It        will be appreciated that the following formula can be used to        calculate C_(a=n):        C _(a=n) =I ₁(n.F _(a=n))+I ₂((1−n).F _(a=n))+(1−n).F _(a=n)        This simplifies to provide:        C _(a=n) =F _(a=n)(I ₁(n)+I ₂(1−n)+(1−n))    -   k, a proportionality constant. This proportionality constant is        used in the sense that if A is proportional to B, then A=k.B.        The proportionality constant is varied to affect game        characteristics, such as whether risk-averse or non-risk averse        (or neither of these) players are favoured. That is, k is a        proportionality constant selected such that the pricing        structure applies a predetermined risk/chance favouritism        protocol.

In some embodiments, the pricing structure is based on equality ofcontribution. Specifically, a limitation is imposed such that thecontribution for each entry is the same, regardless of the risk-profileadopted. That is That is, C_(a=n) remains constant irrespective of n.

First, consider full-risk entries, of which a predetermined number areoffered for sale in exchange for F_(a=0). The contribution to the prizepool made by the sale of the predetermined number of full-risk entriesis given by the following formula:C _(a=0) =I ₂ .F _(a=0) +F _(a=0) =F _(a=0)(I ₂+1)

Noting that C_(a=0)=C_(a=n), we notice:C _(a=n) =F _(a=0)(I ₂+1)

Substituting back into the general formula for contribution, we get:C _(a=n) =F _(a=0)(I ₂+1)=F _(a=n)(I ₁(n)+I ₂(1−n)+(1−n))

Rearranging, this yields:

$F_{a = n} = \frac{F_{a = 0}\left( {I_{2} + 1} \right)}{\left( {{I_{1}(n)} + {I_{2}\left( {1 - n} \right)} + \left( {1 - n} \right)} \right)}$

To provide a simple numerical example, consider a situation where apredetermined number of full-risk entries are offered for sale for $1.That is, F_(a=0)=1. For the sake of example, assume that I₁=I₂=0.01. Inthis situation, the following relationship applies:

$F_{a = n} = \frac{(1.01)}{\left( {{0.01(n)} + {0.01\left( {1 - n} \right)} + \left( {1 - n} \right)} \right)}$

Under this pricing structure, the same predetermined number of no-riskentries is offered for sale at:

$F_{a = 1} = {\frac{(1.01)}{(0.01)} = 101}$

That is, no-risk entries are offered for sale at $101 each.

By a similar approach, it is possible to offer a predetermined number ofentries for sale at a given entry fee and, based on the quantum of thatentry fee, determine the risk profile that should be applied. Forexample, assume a predetermined number of entries are offered for salein exchange for a $10 entry fee:

$10 = \frac{(1.01)}{\left( {{0.01(n)} + {0.01\left( {1 - n} \right)} + \left( {1 - n} \right)} \right)}$

This yields a=n=0.9 (approximately). Therefore, approximately $1 of the$10 entry is refundable, and $9 is placed at risk.

In some embodiments where the pricing structure is based oncontribution, k is used to implement a predetermined risk/chancefavouritism protocol. In one such embodiment, the following formulaapplies:

$F_{a = n} = {k\frac{F_{a = 0}\left( {I_{2}.{+ 1}} \right)}{\left( {{I_{1}(n)} + {I_{2}\left( {1 - n} \right)} + \left( {1 - n} \right)} \right)}}$

Variations to this general formula are applied in other embodiments. Forexample, in the following formula, the interest return on a full-riskentry is not considered when deriving F_(a=n):

$F_{a = n} = {k\frac{F_{a = 0}}{\left( {{I_{1}(n)} + {I_{2}\left( {1 - n} \right)} + \left( {1 - n} \right)} \right)}}$

Other Risk and Cost variations are implemented in further embodiments.

Risk and Return

In the context of “Risk and Return”, the risk profile selected by aplayer affects one or more characteristics of a prize winnable on thebasis of that entry, thereby allowing for a degree of player controlover aspects of risk and return. For example, in some embodiments, theone or more characteristics include the value of the prize, and a playeris provided with the opportunity to take greater risk for theopportunity to win a more valuable prize. That is, for a first riskprofile, a given player is able to win a prize having a first value inexchange for a predetermined entry fee, and, for a second risk profile,a given player is able to win a prize having a second value in exchangefor the same predetermined entry fee, wherein the second value isgreater then the first value, and wherein the first risk profile definesa greater proportion of the entry fee that is refundable compared withthe second risk profile.

In some Risk and Return style embodiments, players are provided with theopportunity to select between two different risk profiles, and by thisselection correspondingly play for two different categories of prize.The categories of prize are, for the sake of convenient explanation,described in terms of “major prizes” and “minor prizes”. As will beappreciated from the discussion below, the intention is for major prizesto generally be of greater value than minor prizes. However, in somealternative embodiments this is not the case. In some embodiments themajor prize includes, as a component, the minor prize. In overview, aplayer who selects the no-risk profile is allocated one or more no-riskentries in a minor prize draw, with the number of entries being based onthe quantum of the refundable entry fee. A player who selects thefull-risk profile is allocated one or more full-risk entries in a majorprize draw, again with the number of entries being based on the quantumof the refundable entry fee. An example along these lines is provided inFIG. 8B, which schematically shows pool distributions in one embodiment.

The example of FIG. 8B illustrates a prize pool/refund pool 850. Pool850 is used to fund major prizes, minor prizes and refunds, and as sucheffectively includes a refund pool 851 (for refunding entry fees whereappropriate) and a prize pool, the prize pool being defined by the entryfee prize portion 852 and the net investment return 809. Prize portion852 and investment return 809 together fund the major and minor prizes.

The proportions of the prize pool used to fund major and minor prizesvaries between embodiments, and are preferably selected such that apredefined value proportionality relationship exists between the majorand minor prizes. As schematically illustrated in FIG. 8, the major andminor prizes are each funded by a proportion of the entry fee prizeportion 852 and net investment return 809. The proportions need not bethe same, and appropriate proportions are preferably selected to providea desired value relationship between major and minor prizes. Forexample, in some cases, the minor prizes are funded solely by aproportion of the investment return 809.

FIG. 9 schematically illustrates an exemplary method 900 for providing agaming activity in the context of the system of FIG. 8A, according toone embodiment. In overview, data indicative of an entry fee and aselected risk profile (in this example being either full-risk orno-risk) is received at 901. For the sake of simplicity in the presentexample, it is assumed that the entry fee is exchanged for a singleentry, however in other embodiments a different predetermined number ofentries are allocated in exchange for that entry fee. In the event thatthe full-risk profile is selected, the method progresses to step 902. Inthe event that the no-risk profile is selected, the method progresses tostep 912.

At step 903 it is determined whether the entry is a winning entry. Inthe event that the entry is a winning entry, the method progresses to904 where the player is awarded a minor prize draw winning amount.Otherwise, in the event that the entry is not a winning entry, themethod progresses to 905 where the player is awarded a refund of his/herentry fee.

At step 913 it is determined whether the entry is a winning entry. Inthe event that the entry is a winning entry, the method progresses to914 where the player is awarded a major prize draw winning amount.Otherwise, in the event that the entry is not a winning entry, themethod progresses to 915 where the player is awarded nothing.

Although the present example of FIG. 9 assumes only the full-risk andno-risk profiles are used, it will be appreciated that similarembodiments make use of either or both of these risk profiles inconjunction with one or more hybrid risk profiles, or alternatively twoor more different hybrid risk profiles.

As illustrated, FIG. 9 implies that the gaming activity includes a firstsub-activity for determining winning outcomes in relation to minorprizes, and a second sub-activity for determining winning outcomes inrelation major prizes. However, in some embodiments these sub-activitiesare in fact the same activity.

Some numerical examples based on the embodiments of FIG. 8B and FIG. 9will now be considered. These are provided for the sake of convenientexplanation only, and should not be regarded as limiting in any way. Inparticular, it should be appreciated that as with other forms of theinvention, an investment return is simply one form of supplementarycontribution and in other embodiments, other forms of supplementarycontribution are additionally or alternatively used, including operatorcontributions, third-party contributions derived from the exchange ofmarketing information, and the like.

In one example, there are two risk profiles, these respectively allowingfor no-risk entries (100% refundable) and at-risk-type entries (100% atrisk). These entries are offered for sale at a price of $1 each. Thereis one major prize, and one minor prize. Moreover, the values of theminor and major prizes are directly related to the contributions made tothe prize pool by the sale of no-risk entries and at-risk entriesrespectively. The investment strategy is assumed to provide a 10%return, and 10% of this return is attributable to investment costs andadministration fees.

In relation to a given event, 50,000 of each type of entry are sold,resulting in investment capital of $100,000. This is invested to producean investment return of $10,000, of which $9,000 is provided to thedistribution pool ($1,000 is attributed to investment costs andadministration fees). The total distribution pool is therefore $109,000.Of this, $50,000 is to be refunded in relation to no-risk entries, andis therefore attributable to the refund pool. The remaining $59,000 isattributable to the prize pool. It will be appreciated that, of thisprize pool, the contribution from no-risk entries totals $4,500 (half ofthe investment-based prize portion), and the contribution fromat-risk-type entries totals $54,500 (half of the investment-based prizeportion plus the at-risk entry fees). It follows that each no-risk entryhas a 1/50,000 relative probability of winning $4,500, and each at-riskentry has a 1/50,000 relative probability of winning $54,500. In anothervariation, in which all entries are combined into a single draw but theprize eligibility criteria in the event of a winning outcome are linkedto the respective risk profiles, each no-risk entry has a 1/100,000relative probability of winning $4,500, and each at-risk entry has a1/100,000 relative probability of winning $54,500.

In another example, no-risk entries and at-risk-type entries are againoffered for sale at a price of $1 each. Again, there is one major prizeand one minor prize, and the investment strategy is assumed to provide a10% return, of which 90% is added to the distribution pool and 10% isattributable to investment costs and administration fees. However, inthis example, the minor and major prize are not related to relativecontributions, and rather are defined as follows:

-   -   The minor prize has a value equal to half of the net investment        income added to the distribution pool. That is, the minor prize        equates to 45% of the net investment income.    -   The major prize has a value equal to half of the net investment        income added to the distribution pool, plus the value of the        at-risk entry fees.

In relation to a given event, 90,000 no-risk entries are sold, and10,000 at-risk-type entries are sold, resulting in investment capital of$100,000. This is invested to produce an investment return of $10,000,of which a net amount of $9,000 is provided to the distribution pool.The total distribution pool is therefore $109,000, of which $50,000 isattributable to the refund pool, and $59,000 attributable to the prizepool. It follows that each no-risk entry has a 1/90,000 relativeprobability of winning the minor prize ($4,500), and each at-risk entryhas a 1/10,000 relative probability of winning the major prize($54,500). In another variation, in which all entries are combined intoa single draw but the prize eligibility criteria in the event of awinning outcome are linked to the respective risk profiles, each no-riskentry has a 1/100,000 relative probability of winning $4,500, and eachat-risk entry has a 1/100,000 relative probability of winning $54,500.

In another example, no-risk entries and at-risk-type entries are againoffered for sale at a price of $1 each. Again, there is one major prizeand one minor prize, and the investment strategy is assumed to provide a10% return, of which 90% is added to the distribution pool and 10% isattributable to investment costs and administration fees. In thisexample, the minor and major prizes are defined as follows:

-   -   The minor prize has a value equal to 25% of prize pool.    -   The major prize has a value equal to 75% of prize pool.

In relation to a given event, 90,000 no-risk entries are sold, and10,000 at-risk-type entries are sold, resulting in investment capital of$100,000. This is invested to produce an investment return of $10,000,of which $9,000 is provided to the distribution pool. The totaldistribution pool is therefore $109,000, of which $50,000 isattributable to the refund pool, and $59,000 attributable to the prizepool. Each no-risk entry has a 1/90,000 probability of winning the minorprize ($14,750), and each at-risk-type entry has a 1/10,000 probabilityof winning the major prize ($44,250).

In another embodiment the minor prize has a value equal to 10% of prizepool, and the major prize has a value equal to 90% of prize pool. Otherpercentages are used on further embodiments, with the general objectivebeing to provide players at different risk profiles with appropriateincentives, linked to the potential returns in the event of winningoutcomes. It will be appreciated that this, to some extent, is amarketing exercise.

Although the above examples deal with a single major prize and a singleminor prize, in other embodiments there are a numerous tiered majorprizes and/or minor prizes. For example, one embodiment provides tieredfirst, second and third major prizes, and tiered first, second and thirdminor prizes. Although the intention is for major prizes to generally beof greater value than minor prizes, in embodiments where there aremultiple value-tiered major and minor prizes, it is not a necessity thatevery major prize is greater in value than every minor prize. Moreover,in the case of non-monetary payouts, different players may placedifferent subjective values on different types of prizes.

Although the Risk and Return examples considered above assume that onlytwo risk profiles are available, some embodiments make additional riskprofiles available. Indeed, in some embodiments the maximum value ofprize that may be won is directly related to the proportion of an entryfee that is placed at risk, which in turn may be subject to a highdegree of selectivity on the part of operators and/or players. One suchembodiment is provided by method 1000 of FIG. 10, discussed below.

In the context of method 1000, entries are offered for sale at a setper-unit entry fee, and a player selects a risk profile defining from,at the lower end of the risk spectrum, 0% at-risk (no risk, with fullrefund in the case of a non-win event) to, at the upper end of the riskspectrum, 100% at-risk (full risk, with no refund in the case of ano-win event). Data indicative of the entry fees and selected riskprofiles is received at step 1001. An investment return is derived atstep 1002, noting that in other embodiments an alternate form ofsupplementary income is used in conjunction with or as an alternative toinvestment income.

The prize pool is notionally structured to include a standard prize pooland a bonus prize pool. In this particular embodiment, the investmentreturn is used to define a standard prize pool ($A) at step 1003, andthe at-risk portions of entry fees are used to define a bonus prize pool($B) at step 1004. In some embodiments alternative approaches are usedfor defining these prize pools. For example, in one embodiment the bonusprize pool is defined by less than 100% of the at-risk entry fees.

Upon completion of the gaming activity, a single winning entry isidentified at step 1005. The player responsible for the winning entry isawarded a prize at 1006. In particular, the prize comprises the whole ofthe standard prize pool, plus a proportion of the bonus prize poolcorresponding to the proportion of the entry fee placed at risk. Forexample, in the event that a player places half of his/her entry fee atrisk and ultimately wins, that player is awarded the whole standardprize pool, plus half of the bonus prize pool. In this case, each entryhas the same relative probability of winning a prize regardless of therisk profile adopted, and only the value of the prize changes. That is,an entry placed on the basis of a 100% refundable risk profile has thesame relative probability of winning a prize as an entry placed on thebasis of a 0% refundable risk profile, or any other profile for thatmatter.

It will be appreciated that, unless the winning entry was placed subjectto 100% risk of the entry fee, there will be a residual amount in thebonus prize pool following the distribution of the prize. In the presentexample, this residual amount is distributed among the players inaccordance with their contribution to the bonus prize pool at step 1008.In particular, each entry is refunded by:

-   -   The refundable portion of the entry fee.    -   A proportion of the at-risk portion of the entry fee. This        proportion is the inverse of the proportion of entry fee placed        at risk in respect of the winning entry. That is, if the winning        entry was placed subject to 0% risk, the at-risk portions of all        entry fees are fully refunded. On the other hand, if the winning        entry was placed subject to 100% risk, there will be no refund        of at-risk portions of any entry fees. In the event that the        winning entry was placed subject to 60% risk, there will a 40%        refund of at-risk portions of the entry fees, and so on.

A numerical example of such an embodiment will now be considered. Inthis example, entries are offered for sale at an entry fee of $100 each.The standard prize pool is to have a value equal to the prize portion ofinvestment income, and the bonus prize pool is to have a value equal tonon-refundable portions of all entry fees. Furthermore, any residualportion of the bonus prize pool is to be distributed among the playersin accordance with their contribution to the bonus prize pool (orcontributions notionally made on their behalf). The investment strategyis assumed to provide a 10% return, of which 90% defines the standardprize pool and 10% is attributable to investment costs andadministration fees.

In relation to a given event, 1,000 entries are sold, resulting ininvestment capital of $100,000. $10,000 of investment income isgenerated, resulting in a standard prize pool of $9,000. For the sake ofexample, the entries are placed in accordance with the following riskprofiles:

-   -   500 entries are sold on the basis of 0% at-risk (100%        refundable). These make no contribution to the bonus prize pool.    -   200 entries are sold on the basis of 10% at-risk (90%        refundable). These make a $2,000 contribution to the bonus prize        pool.    -   200 entries are sold on the basis of 50% at-risk (50%        refundable). These make a $10,000 contribution to the bonus        prize pool.    -   50 entries are sold on the basis of 80% at-risk (20%        refundable). These make a $4,000 contribution to the bonus prize        pool.    -   50 entries are sold on the basis of 100% at-risk (0%        refundable). These make a $5,000 contribution to the bonus prize        pool.

The bonus prize pool therefore totals $21,000.

For the sake of example, assume that the winning entry was placed on thebasis of 10% at-risk (90% refundable). The player therefore wins the$9,000 standard prize pool, plus 10% of the bonus prize pool—$2,100. Thetotal prize therefore amounts to $11,100.

In this example, there is a residual $18,900 in the bonus prize pool,and this is distributed as refunds among the entries in accordance withthe relative contributions of those entries. It will be appreciated thatthe prize took 10% of the bonus prize pool, and as such 90% of theat-risk portions of the entry fees are refunded. Specifically:

-   -   $9 is refunded for each entry sold on the basis of 10% at-risk        (90% refundable).    -   $45 is refunded for each entry sold on the basis of 50% at-risk        (50% refundable).    -   $72 is refunded for each entry sold on the basis of 80% at-risk        (20% refundable).    -   $90 is refunded for each entry sold on the basis of 100% at-risk        (0% refundable).

It will be appreciated that, by this approach, players may receive arefund for monies placed at risk. The probability of receiving a refund,and the level of refund, depend on risk selections made by playersacross the game.

Although in the above example a residual amount in the bonus prize poolis refunded to the players, in other embodiments this residual amountrolls over as a jackpot, or is taken by the gaming administrator, or isdistributed to one or more of the players as one or more supplementaryprizes.

Other techniques for apportionment of the prize pool between a standardand bonus prize pool are used in further embodiments. For example, inone embodiment the standard prize pool and bonus prize pool aremaintained in a predefined ratio.

Combination Approaches

As foreshadowed, this category combines two or more of Risk and Chance,Risk and Cost and Risk and Return. Several examples of combinationapproaches are considered below.

-   -   In some embodiments, for a first risk profile, a given player is        allocated a predetermined number of entries in exchange for a        predetermined entry fee, and, for a second risk profile, a given        player is allocated the same predetermined number of entries for        less than the predetermined entry fee, wherein the first risk        profile defines a greater proportion of the entry fee that is        refundable compared with the second risk profile. For the first        risk profile, a given player is able to win a prize having a        first value in exchange for a predetermined entry fee, and, for        a second risk profile, a given player is able to win a prize        having a second value in exchange for the same predetermined        entry fee. For example, in one embodiment “bonus entries”        compete for a different prize to standard entries.    -   In some embodiments, for a first risk profile, a given player is        allocated a predetermined number of entries in exchange for a        predetermined entry fee, and, for a second risk profile, a given        player is allocated the same predetermined number of entries for        less than the predetermined entry fee, wherein the first risk        profile defines a greater proportion of the entry fee that is        refundable compared with the second risk profile. For the first        risk profile, a given player is allocated a predetermined number        of entries in exchange for the predetermined entry fee, and, for        the second risk profile, a given player is allocated an        increased number of entries, and therefore chances, for the same        predetermined entry fee.    -   In some embodiments, for a first risk profile, a given player is        allocated a predetermined number of entries in exchange for a        predetermined entry fee, and, for a second risk profile, a given        player is allocated the same predetermined number of entries for        less than the predetermined entry fee, wherein the first risk        profile defines a greater proportion of the entry fee that is        refundable compared with the second risk profile. For the first        risk profile, a given player is able to win a prize having a        first value in exchange for a predetermined entry fee, and, for        a second risk profile, a given player is able to win a prize        having a second value in exchange for the same predetermined        entry fee.    -   In some embodiments, for a first risk profile, a given player is        allocated a predetermined number of entries in exchange for a        predetermined entry fee, and, for a second risk profile, a given        player is allocated the same predetermined number of entries for        less than the predetermined entry fee, wherein the first risk        profile defines a greater proportion of the entry fee that is        refundable compared with the second risk profile. For the first        risk profile, a given player is able to win a prize having a        first value in exchange for a predetermined entry fee, and, for        a second risk profile, a given player is able to win a prize        having a second value in exchange for the same predetermined        entry fee. For the first risk profile, a given player is        allocated a predetermined number of entries in exchange for a        predetermined entry fee, and, for the second risk profile, a        given player is allocated an increased number of entries for the        same predetermined entry fee.

It will be appreciated that there is a wide range of possible ways inwhich such combinations of approaches may be implemented across variousembodiments.

Refundable Hedges

In some embodiments, the notion of risk profiles is used to provide agaming activity wherein secondary hedge entries are either physically ornotionally linked or “stapled” to conventional primary entries, therebyto provide players with more advantageous prospects of winnings orreturns, without necessarily taking on additional risk. In overview, asin embodiments considered above, the player provides an entry fee andselects a risk profile in relation to that entry fee, the risk profiledefining a proportion of the entry fee that is refundable on the basisof predetermined refund criteria and a complementary proportion of theentry fee that is placed at risk. The general notion is that, in thepresent context, the at-risk proportion of the entry fee is exchangedfor a primary entry, and the refundable proportion of the entry fee isexchanged for one or more secondary entries that are “hedged” againstthe primary entry. By the term “hedged”, what is meant is that, if theprimary entry is not identified as a winning entry, the secondaryentries are eligible to be identified as winning entries. Conversely, ifthe primary entry is identified as being a winning entry, the secondaryentries are excluded from being identified as winning entries. This issometimes referred to as a “contrary bet” in the sense of covering one,some or all outcomes not covered by the primary entry or bet. That is,win-events in respect of a primary entry and the one or more secondaryentries are mutually exclusive. There are two main categories of hedgeconsidered herein:

-   -   A “partial hedge” whereby, in the case that the primary entry is        identified as a winning entry, one or more of the secondary        entries might be identified as a winning entry, however there is        no guarantee that one or more of the secondary entries will be        identified as a winning entry.    -   A “full hedge” whereby, in the case that the primary entry is        identified as a winning entry, one or more of the secondary        entries will be identified as a winning entry. That is, the        player is guaranteed to have at least one of his/her entries        identified as a winning entry.

In some embodiments, only one of these categories is considered.However, it should be understood that a gaming operator may make eitheror both available.

The concept of refundable hedges is perhaps more conveniently consideredagainst a “fixed-odds” backdrop, and will be considered below in thisregard. However, it will be appreciated that other embodiments are by nomeans limited to fixed-odds categories of gaming activities, and thatthe general concepts are applicable to a wide range of gaming activitiesin a far broader context.

In a conventional fixed-odds gaming activity, the gaming operatordefines a plurality of event outcomes, and players bet on theseoutcomes. Traditionally, the gaming operator sets a “payout ratio”(commonly referred to as “odds”) for each outcome. For example, in thecontext of a sporting event where a first team, Team A, competes with asecond team, Team B, the operator defines Team A winning as one eventoutcome, and Team B winning as another event outcome. In some cases adraw is defined as a further possible outcome. Players are offered apayout ratio for each event outcome. For example, a given player isoffered 5:1 for Team A winning. A player who places a monetary bet onthat outcome receives, in the case that Team A wins, a fivefold multipleof the placed monetary bet (i.e. a $5 return for each $1 placed).

In the context of risk profiles, the primary entry is essentially aconventional fixed-odds bet (which is fully-at risk). That is, an entryfee is placed on the basis of a risk profile and an event outcome, bothof which are selected by the player. The event outcome is associatedwith a payout ratio, predetermined by the gaming operator. In the eventthat the selected event outcome is a winning event outcome, a primaryprize is awarded to the player based on the proportion of the entry feethat is placed at risk and the payout ratio.

The refundable component of the entry fee is exchanged for one or moresecondary entries, which are either fully or partially hedged entries.In the case that a secondary entry is identified as a winning entry asecondary prize is awarded to the player. In the present embodiment, thesecondary prizes are pari-mutuel in nature. That is, the secondaryprizes are awarded by distribution of a prize pool amongst the winningplayers irrespective of “payout ratios” or the like. Noting that the oneor more secondary entries are allocated in exchange for the refundablecomponent of the entry fee, it will be appreciated that, in the casethat a secondary entry is not identified as a winning entry, the playerreceives a refund of the entry fee attributable to that secondary entry.

The following table sets out some possible results of a gaming activityaccording to one embodiment with refundable hedges.

No Hedge Partial Hedge Full Hedge Primary Entry Win primary prize Winprimary prize; Win primary prize; Win/Secondary (No refundable Receiverefund of Receive refund of Entry Loss proportion of entry refundablerefundable fee in this case). proportion of entry fee. proportion ofentry fee. Primary Entry No secondary Win secondary prize. Win secondaryprize. Loss/Secondary entry, therefore Entry Win receive nothing.Primary Entry No secondary Receive refund of Not Possible.Loss/Secondary entry, therefore refundable Entry Loss receive nothing.proportion of entry fee.

The number of secondary entries allocated varies between embodiments. Insome embodiments the number is predetermined and unrelated to thequantum of the refundable proportion of the entry fee. In otherembodiments, the number of secondary entries is proportional to thequantum of the refundable proportion of the entry fee.

Secondary prizes are, at least in part, funded by a secondary prizepool. In particular embodiments, the general method preferably includesderiving supplementary income, adding an amount having a valuecorresponding to at least a proportion of the supplementary income to asecondary prize pool, refunding to each player the proportion of theentry fee that is refundable, and distributing the secondary prize pool,in accordance with a predetermined prize distribution protocol, amongstthe players to whom winning secondary entries were allocated. In someembodiments, deriving supplementary income includes subjecting at leasta proportion of the entry fees to an investment procedure to generatesupplementary income in the form of an investment return. It should beappreciated, however, that in other embodiments, the supplementaryincome may be derived from third parties, or from the operator, on abasis related more to marketing interactions or other factors, than toinvestment procedures per se. In yet other embodiments, there is nosupplementary income as such, and different prize pools are simplycreated from a proportion of the entry fees.

It is assumed that each secondary prize is, for a given player, greaterin value than the refundable proportion of the entry fee for thatplayer. In some embodiments this is practically achieved by providingthe requisite refunds to all eligible players, and then distributingsome or all of the net supplementary income amongst players havingwinning secondary entries. In some embodiments, there is a relationshipbetween a player's contribution to the net supplementary income and thevalue of secondary prize winnable by that player.

A significant result of hedging, as described herein is that, inhindsight, a player can receive better odds for his/her level ofliability by providing a larger entry fee. The general notion is thatthe payout ratio is applied to the at-risk proportion of entry fee,however the maximum liability for a give player in some cases is lessthan the at-risk proportion of entry fee. In particular, for someembodiments, in the case of a non-winning primary entry, the playerreceives a secondary prize that is greater than the refundableproportion of his/her entry fee.

This significant result is, in some embodiments, leveraged to offerplayers improved payout ratios or odds, in exchange for a greater valueof entry fees. In some cases, this requires configuring the gamingactivity such that the value of secondary prizes is able to becalculated in advance. For example, in one embodiment, the value of asecondary prize winnable by a player is equal to an anticipatedcontribution to the supplementary income, plus a refund of therefundable proportion of the entry.

In some embodiments where players are offered improved payout ratios inexchange for a greater value of entry fees on the basis of a full hedge,the players select a “maximum liability”, which corresponds to themaximum amount they are prepared to “lose” (profit or loss arecalculated by subtracting entry fee from return, a negative resultindicating a loss). This maximum liability is less than “the proportionof the entry fee that is placed at risk” under risk profiles asdiscussed herein—in the event the primary entry does not win, the playerreceives the refundable proportion of entry fee plus the anticipatedcontribution from that entry fee. However, the payout ratio isnevertheless applied to the proportion (in quantum) of the entry feethat is placed at risk. As such, by increasing the total entry fee, itis possible to offer an improved payout ratio for the same maximumliability.

As a numerical example, assume that a base payout ratio of 5:1 isdefined for an event outcome. Further assume that the anticipatedcontribution to the supplementary income is 10% of the total entry feeprovided by a given player. For the sake of example, a player wishes toenter based on a maximum liability of $10.

If the player provides an entry fee of $10, in the case that the betloses, the player receives nothing (the player loses $10, the player'sbet amount/maximum liability). There is no secondary prize, and nosecondary entries were allocated. The player has therefore exchanged $10for a primary entry, the at-risk proportion of entry fees being $10(100%), and the player stands to win $50 if the primary entry is awinning entry, based on the 5:1 payout ratio.

If the player provides an entry fee of $100 on the basis of the samemaximum liability criterion, in the case that the bet loses, the playerreceives $90 (again, the player loses $10, the player's betamount/maximum liability). This $90 includes $10 of supplementaryincome, based on the 10% anticipated contribution. Therefore, it isreadily deduced that $80 of the entry fee was notionally exchanged for asecondary entry. It follows that $20 was exchanged for a primary entry,and so the at-risk proportion of entry fees is $20. This $20 issubjected to the 5:1 payout ratio in the case of a winning outcome forthe primary entry, and player can therefore win $100 on the basis of theprimary entry.

Pursuant to this methodology, the following options may be presented tothe player:

-   -   Bet $10 on the basis of a $10 entry fee. A payout ratio of 5:1        is offered. Maximum win is $50. Maximum loss is $10. This will        be recognised as a traditional fixed odds bet.    -   Bet $10 on the basis of a $100 entry fee. A payout ratio of 10:1        is offered. Maximum win is $100. Maximum loss is $10.

It will be appreciated that, by configuring a computing system tooperate on the logic discussed above, it is possible to offer a player asubstantially unlimited number of payout ratios for a given event andbet amount, simply by requiring a predetermined level of total entryfee.

In such embodiments, the player is often not made aware of the secondaryentry, which operates as a background mechanism. However, it will beappreciated that the manner in which secondary entries are made known toplayers is predominately an exercise in marketing.

In alternative embodiments, for a given quantum of entry fee, a playermay be offered an enhanced payout ratio, or improved odds, relative toother players providing the same quantum of entry fee, in return forplacing (and as an incentive to place) a greater proportion of thatentry fee at risk.

Hardware/Software Implementation

Although much of the above disclosure is predominately focussed onembodiments taking the form of methods, it will be appreciated thatvarious embodiments of the present invention are technically implementedusing various combinations of hardware and software. Some of these areconsidered below.

FIG. 11A illustrates a system for providing a gaming activity, in theform of system 1100. System 1100 includes a gaming administration server1101. This gaming administration server includes a processor 1105coupled to a memory module 1106 and a communications interface 1107.

Memory module 1106 is configured for maintaining software instructions1106 which, when executed on processor 1105, allow server 1101 toperform various methods, including but not limited to one or more of themethods described herein.

The term “communications interface” or “interface” should be readbroadly to include any component or group of components including one ormore of a network interface (such as an Ethernet interface, or otherwired/wireless network interface), modem, other interfaces configured toallow communication between server 1101 and another processing platform,ports (such as serial or parallel ports) for receiving data from orproviding data to input/output devices such as keyboards, scanners andprinters.

As illustrated, server 1101 is coupled to an entry database 1110.Although, in the context of the present illustrations, this database isshown as being a single discrete component, in alternate embodiments itis defined by a plurality of distributed components, optionallyincluding memory modules of one or more servers such as server 1101.

In some embodiments, such as that of FIG. 11B, a plurality of like orsimilar servers 1101 are coupled to a common database 1110. For example,servers 1101 are provided at distributed locations, with a database 1110provided at a centralised location.

Database 1110 maintains data indicative of entry transactions, whichincludes, in various embodiments, one or more of the following aspectsof data:

-   -   Data indicative of a received entry fee. This includes data        indicative of the value of entry fee, and optionally data        indicative of a location at which funds corresponding to that        entry fee are stored (for example, a bank account), and/or data        indicative of a manner of payment used to provide the entry fee.    -   Data indicative of a risk profile associated with the entry fee.        As discussed above, at least in some embodiments, an entry fee        is provided by a player subject to the selection of a risk        profile, which defines proportions of the entry fee that are        refundable and placed at risk.    -   Data indicative of a player who provided the entry fee. In some        embodiments, a player is assigned an identifier, which is used        by that player for gaming related transactions. For example, in        one embodiment this identifier is carried by a loyalty card, for        example in the form of a barcode or RFID tag.    -   Data indicative of one or more entries allocated to the player        in exchange for the entry fee. In some embodiments each entry is        provided with a unique entry identifier (which is optionally        used for winning entry determinations in the context of a        lottery or raffle type game). In some embodiments the one or        more entries allocated to a player in respect of a given entry        fee are provided a common identifier—for example, the player is        provided a single “ticket”, which may be virtual or physical,        carrying a ticket identifier. Entry identifiers and/or ticket        identifiers are later used by the relevant players to allow the        redemption of prizes and/or refunds, as discussed further below.    -   Data indicative of a particular gaming activity to which the        entry fee and/or allocated entries relate.

Various aspects of this data are received via interface 1107 and/ordefined by server 1101 (for instance, in response to data received viainterface 1107). In some embodiments the allocation of entries occurs atserver 1101, whilst in other embodiments the allocation of entriesoccurs at a remote location, for example a retailer terminal at alocation where entries are sold to players.

FIG. 11C illustrates an embodiment where a server 1101 is coupled to asales terminal 1131 and redemption terminal 1141. In some embodimentsthese are integrated into a single terminal.

As illustrated, terminal 1131 includes a processor 1132, communicationsinterface 1133 and memory module 1134 (which maintains softwareinstructions 1135). A ticket printer 1136 is also coupled to processor1132.

In overview, a player interacts with terminal 1132 to purchase one ormore entries in relation to a gaming activity. In some embodiments thisis a direct interaction, whereas in other embodiments it is an indirectinteraction whereby a terminal operator interacts with terminal 1132 onbehalf of the player. The player provides information regarding thegaming activity in which entries are to be purchased, risk profiles, andso on. The player also provides an entry fee, optionally in the form ofcash or electronic/card payment means. The entry fee is directly orindirectly transferred to an account stipulated by the gaming operatoreither immediately or at the end of a specified period (daily, forinstance). Once the entry fee has been provided, the player is allocatedone or more entries on the basis of the quantum of entry fee and riskprofile selected. The allocation of entries is, in some cases, based ona process performed at terminal 1131 and, in other cases, based on aprocess performed at terminal 1101 based on data provided by terminal1131. In the present example, data indicative of the entries is printedto a ticket (which might include a receipt) via printer 1136. In someembodiments this ticket carries a ticket identifier and/or one or moreentry identifiers corresponding to the allocated entries. In the presentexample, this information is derivable from a barcode (such as a2-dimensional or 3-dimensional barcode) printed on the ticket.

As illustrated, terminal 1141 includes a processor 1142, communicationsinterface 1143 and memory module 1144 (which maintains softwareinstructions 1145). A barcode scanner 1146 is also coupled to processor1142. In overview, to redeem one or more entries, a player presents aticket carrying a barcode from which the relevant identifier (oridentifiers) is derivable by scanner 1146. Scanner 1146 then performs aquery process to determine whether the read barcode is indicative of anywinning entries. This, in some cases, requires communications withserver 1101. Prizes and/or refunds are provided to the player whereappropriate. In some cases these are provided by cash, and in some casesby way of a further ticket or other indication of entitlement that isredeemable for cash or cheque either upon presentation, or at somepredetermined future point in time. In further cases, the playernominates a location to which the prize/refund should be delivered, suchas a physical address or bank account. In some cases the player arrangesfor the prize/refund to be credited to a specified bank/credit cardaccount.

In some embodiments, redemption is automated. For example, a player isinvited to create a user account, this account including details of abank account to which prizes/refunds are to be credited, and thiscrediting occurs automatically.

In some embodiments some or all of the general functionalities of eitheror both of terminal 1131 and 1141 are made available to a player via apersonal computing platform, such as a desktop computer, laptopcomputer, cellular telephone, PDA, gaming console, or other platform. Insome such embodiments, players access a website over the Internet topurchase entries, for example by selecting risk profiles via a selectioninterface provided by a web-page viewable through a web-browserapplication, and providing entry fees by way of an online paymentprocedure. In other embodiments, players download proprietary softwareas an alterative to a browser-based approach.

In some embodiments, entries are sold both via online approaches (forexample via a website accessible over the Internet) and in-storeapproaches (for example at a retail location having a sales terminaland/or redemption terminal). In some cases, different rules apply forentries sold online as opposed to entries sold in-store. For example, inone embodiment, in-store entries are sold on the basis of a firstminimum spend level, whist online entries are sold on the basis of asecond minimum spend level which is lower than the first level. In somecases in-store entries can only be purchased in exchange for entry feesthat are integral multiples of the minimum spend level or anotherpredefined value, although such restrictions do not necessarily applyonline.

FIG. 12A and FIG. 12B illustrate two approaches for interfacing gamingadministration server 1101 with a plurality of client terminals 1204(optionally including the likes of players' personal terminals, andterminals provided at entry retail venues). In some embodiments acombination of the two approaches is used.

The approach of FIG. 12A is to provide a website 1201 on the Internetfor interfacing the client terminals with the administration server. Theapproach of FIG. 12B is to provide a connection, such as a VPNconnection, over the Internet or another network (such as a LAN or WAN)1250 for interfacing the client terminals with the administrationserver.

Unless specifically stated otherwise, it should be appreciated thatthroughout the specification terms such as “processing,” “computing,”“calculating,” “determining”, analyzing” or the like, in someembodiments refer to the action and/or processes of a computer orcomputing system, or similar electronic computing device, thatmanipulate and/or transform data represented as physical, such aselectronic, quantities into other data similarly represented as physicalquantities.

In a similar manner, the term “processor” may refer to any device orportion of a device that processes electronic data, e.g., from registersand/or memory to transform that electronic data into other electronicdata that, e.g., may be stored in registers and/or memory. A “computer”or a “computing machine” or a “computing platform” may include one ormore processors.

The methodologies described herein are, in some embodiments, performableby one or more processors that accept computer-readable (also calledmachine-readable) code containing a set of instructions that, whenexecuted by one or more of the processors, carry out at least one of themethods described herein, or a variation on at least one of the methodsdescribed herein. Any processor capable of executing a set ofinstructions (sequential or otherwise) that specify actions to be takenshould be included. Thus, one example is a typical processing systemthat includes one or more processors. Each processor may include one ormore of a CPU, a graphics processing unit, and a programmable DSP unit.The processing system further may include a memory subsystem includingmain RAM and/or a static RAM, and/or ROM. A bus subsystem may beincluded for communicating between the components. The processing systemfurther may be a distributed processing system with processors coupledby a network. If the processing system requires a display, such adisplay may be included, e.g., an liquid crystal display (LCD) or acathode ray tube (CRT) display. If manual data entry is required, theprocessing system also includes an input device such as one or more ofan alphanumeric input unit such as a keyboard, a pointing control devicesuch as a mouse, and so forth. The term memory unit as used herein, ifclear from the context and unless explicitly stated otherwise, alsoencompasses a storage system such as a disk drive unit. The processingsystem in some configurations may include a sound output device, and anetwork interface device. The memory subsystem thus includes acomputer-readable carrier medium that carries computer-readable code(e.g., software) including a set of instructions to cause performing,when executed by one or more processors, one of more of the methodsdescribed herein. Note that when the method includes several elements,e.g., several steps, no ordering of such elements is implied, unlessspecifically stated. The software may reside in the hard disk, or mayalso reside, completely or at least partially, within the RAM and/orwithin the processor during execution thereof by the computer system.Thus, the memory and the processor also constitute computer-readablecarrier medium carrying computer-readable code.

Furthermore, a computer-readable carrier medium may form, or be includesin a computer program product.

In alternative embodiments, the one or more processors operate as astandalone device or may be connected, e.g., networked to otherprocessor(s), in a networked deployment, the one or more processors mayoperate in the capacity of a server or a user machine in server-usernetwork environment, or as a peer machine in a peer-to-peer ordistributed network environment. The one or more processors may form apersonal computer (PC), a tablet PC, a set-top box (STB), a PersonalDigital Assistant (PDA), a cellular telephone, a web appliance, anetwork router, switch or bridge, or any machine capable of executing aset of instructions (sequential or otherwise) that specify actions to betaken by that machine.

Note that while some diagrams only show a single processor and a singlememory that carries the computer-readable code, those in the art willunderstand that many of the components described above are included, butnot explicitly shown or described in order not to obscure the inventiveaspect. For example, while only a single machine is illustrated, theterm “machine” or “device” shall also be taken to include any collectionof machines that individually or jointly execute a set (or multiplesets) of instructions to perform any one or more of the methodologiesdiscussed herein.

At least one embodiment of each of the methods described herein is inthe form of a computer-readable carrier medium carrying a set ofinstructions (such as a computer program) that are for execution on oneor more processors, (such as one or more processors that are part of aninformation system). Thus, as will be appreciated by those skilled inthe art, embodiments of the present invention may be embodied as amethod, an apparatus such as a special purpose apparatus, an apparatussuch as a data processing system, or a computer-readable carrier medium(such as a computer program product). The computer-readable carriermedium carries computer readable code including a set of instructionsthat when executed on one or more processors cause the processor orprocessors to implement a method. Accordingly, aspects of the presentinvention may take the form of a method, an entirely hardwareembodiment, an entirely software embodiment or an embodiment combiningsoftware and hardware aspects. Furthermore, the present invention maytake the form of carrier medium (such as a computer program product on acomputer-readable storage medium) carrying computer-readable programcode embodied in the medium.

The software may further be transmitted or received over a network via anetwork interface device or other communications interface. While thecarrier medium is shown in an exemplary embodiment to be a singlemedium, the term “carrier medium” should be taken to include a singlemedium or multiple media (such as a centralized or distributed database,and/or associated caches and servers) that store the one or more sets ofinstructions. The term “carrier medium” shall also be taken to includeany medium that is capable of storing, encoding or carrying a set ofinstructions for execution by one or more of the processors and thatcause the one or more processors to perform any one or more of themethodologies of the present invention. A carrier medium may take manyforms, including but not limited to, non-volatile media, volatile media,and transmission media. Non-volatile media includes, for example,optical, magnetic disks, and magneto-optical disks. Volatile mediaincludes dynamic memory, such as main memory. Transmission mediaincludes coaxial cables, copper wire and fiber optics, including thewires that comprise a bus subsystem. Transmission media also may alsotake the form of acoustic or light waves, such as those generated duringradio wave and infrared data communications. For example, the term“carrier medium” shall accordingly be taken to included, but not belimited to, solid-state memories, a computer product embodied in opticaland magnetic media, a medium bearing a propagated signal detectable byat least one processor of one or more processors and representing a setof instructions that when executed implement a method, a carrier wavebearing a propagated signal detectable by at least one processor of theone or more processors and representing the set of instructions apropagated signal and representing the set of instructions, and atransmission medium in a network bearing a propagated signal detectableby at least one processor of the one or more processors and representingthe set of instructions.

It will be understood that the steps of methods discussed are performedin one embodiment by an appropriate processor (or processors) of aprocessing system (such as a computer) executing instructions(computer-readable code) stored in storage. It will also be understoodthat the invention is not limited to any particular implementation orprogramming technique and that the invention may be implemented usingany appropriate techniques for implementing the functionality describedherein. The invention is not limited to any particular programminglanguage or operating system.

Comments on Local Laws

It is appreciated that various embodiments described herein include orrefer to practices or subject matter that may be considered as beingcontrary to local laws in various jurisdictions. To the extent that theclaims below cover subject matter that is contrary to the local laws ofa particular jurisdiction, the claims should be interpreted in thatjurisdiction in a manner so as to exclude any practices or subjectmatter that is indeed contrary to those local laws. A particular examplepresently considered is Sharia law, which may adopt a contrary stance tovarious aspects of gaming and investment as described herein. However,those skilled in the art will recognize how certain embodiments of theinvention may nevertheless be implemented in accordance with Sharia law.

CONCLUSIONS

Traditional gaming activities necessarily involve the customers orplayers putting their money at risk of loss. The present invention, atleast in some of its preferred forms, modifies the traditional ways ofoperating such activities to give players the option of risk-freeparticipation while retaining the opportunity to win prizes, potentiallyalongside more risky though still modified participation by otherplayers. Traditional gaming activities, by definition, involve puttingmoney or valuables at risk, and to that extent the present invention, atleast in some preferred embodiments, does not resemble the operation oftraditional gaming activities. Rather, it modifies traditional gamingand even investing operations and consequently is able to present thecustomers or players with new products of a risk-free nature, or withaltered risk/return, risk/chance or risk/cost characteristics, toproduce new outcomes that have not hitherto been available. In these andmany other respects, the invention represents a practical andcommercially significant improvement over the prior art.

Although the invention has been described with reference to specificexamples, it will be appreciated by those skilled in the art that theinvention may be embodied in many other forms. While there has beendescribed what are believed to be the preferred embodiments of theinvention, those skilled in the art will recognize that other andfurther modifications may be made thereto without departing from thespirit of the invention, and it is intended to claim all such changesand modifications as fall within the scope of the invention. Forexample, any formulae given above are merely representative ofprocedures that may be used. Functionality may be added or deleted fromthe block diagrams and operations may be interchanged among functionalblocks. Steps may be added to or deleted from methods described hereinwhilst remaining within the scope of the present invention.

1. A method for providing a gaming activity wherein a plurality ofplayers provide respective entry fees, the method including the stepsof: defining a plurality of risk profiles, wherein each risk profiledefines a proportion of an entry fee that is refundable on the basis ofpredetermined refund criteria and a complementary proportion of theentry fee that is placed at risk; receiving, for each player, dataindicative of the entry fee provided by that player and a risk profileselected by that player; allocating to each player, on the basis of theentry fee provided by that player and the risk profile selected by thatplayer, one or more entries in relation to the gaming activity, whereinthe risk profile selected by a given player affects the relativeprobability of that player winning a prize in relation to the gamingactivity in exchange for the entry fee provided; and updating a databasewith data indicative of the allocation of one or more entries to eachplayer.
 2. A method according to claim 1 wherein the plurality of riskprofiles includes a plurality of risk profiles for which X % of theentry fee is refundable and Y % of the entry fee is placed at risk,wherein X+Y=100 and wherein 0<X<100.
 3. A method according to claim 1wherein at least one risk profile is defined in response to dataindicative of a player's selective designation of a proportion of anentry fee that is to be refundable and/or a complementary proportion ofthe entry fee that is to be placed at risk.
 4. A method according toclaim 1 wherein the number of entries allocated to a given player isdetermined according to the formula:Eplayer=kA+B wherein Eplayer is the number of entries allocated to aparticular player in exchange for the entry fee provided by that player,A is a parameter related to the contribution made by or on behalf ofthat player to the prize pool, B is an adjustment factor, and k is aproportionality factor selected such that the allocation of entriesfollows a predetermined risk/chance favouritism protocol, and wherein0.01≦k≦100.
 5. A method according to claim 4 wherein 1≦k≦100.
 6. Amethod according to claim 4 wherein k≧1.
 7. A method according to claim4 wherein k≈1.
 8. A method according to claim 1 including the steps of:awarding prizes to the players to whom winning entries were allocated inaccordance, wherein awarding the prizes includes making the prizesavailable for collection by or on behalf to the players to whom winningentries were allocated.
 9. A method according to claim 1 wherein, for agiven player, refunding the refundable proportion of the entry feeincludes making the refundable proportion of the entry fee available forcollection by or on behalf of that players.
 10. A method according toclaim 1 including the steps of: identifying, for each entry fee, a totalcontribution amount corresponding to that entry fee, the totalcontribution amount including: i. a primary contribution amountcomprising the proportion of the entry fee that is placed at risk, lessany predefined deductions; and ii. a supplementary contribution amount,wherein, for a given entry fee, the supplementary contribution amountcorresponds to an amount derived from an investment return derived bysubjecting at least a proportion of that entry fee to an investmentprocedure for a period of time; combining the total contribution amountsof the respective entry fees to form a prize pool; identifying one ormore winning entries; distributing the prize pool among the players towhom winning entries were allocated in accordance with a predeterminedprize distribution protocol.
 11. A method according to claim 10 wherein,for a given entry fee, the supplementary contribution amount correspondsto an amount derived from an investment return derived by subjecting atleast a proportion of that entry fee to an investment procedure for aperiod of time.
 12. A method according to claim 1 wherein the step ofallocating to each player one or more entries includes, for a givenplayer: for the proportion of the entry fee that is placed at risk,allocating to the player a primary entry, whereby in the case that theprimary entry is identified as a winning entry a primary prize isawarded to the player; for the proportion of the entry fee that isrefundable, allocating to the player one or more secondary entries,whereby in the case that one of the secondary entries is identified as awinning entry a secondary prize is awarded to the player.
 13. A methodaccording to claim 12 wherein the primary entry has an associated payoutratio, and the primary prize is awarded to the player based on theproportion of the entry fee that is placed at risk and the payout ratio.14. A method according to claim 12 wherein, in the case that the primaryentry is identified as a winning entry, the secondary entry is notidentified as a winning entry.
 15. A method according to claim 12wherein, in the case that the primary entry is not identified as awinning entry, the secondary entry is identified as a winning entry,such that a given player for whom a non-zero proportion of the entry feeis refundable wins one of the primary prize or the secondary prize. 16.A method according to claim 12 including the steps of: derivingsupplementary income; adding an amount corresponding to at least aproportion of the supplementary income to a secondary prize pool;refunding to each player the proportion of the entry fee that isrefundable; distributing the secondary prize pool, in accordance with apredetermined prize distribution protocol, amongst the players to whomwinning secondary entries were allocated.
 17. A method according toclaim 16 wherein deriving supplementary income includes subjecting atleast a proportion of the entry fees to an investment procedure togenerate supplementary income in the form of an investment return.
 18. Amethod for providing a gaming activity wherein a plurality of playersprovide respective entry fees, the method including the steps of:defining a risk profile, the risk profile defining a non-zero proportionof an entry fee that is refundable on the basis of predetermined refundcriteria and a complementary proportion of the entry fee that is placedat risk; receiving, for each player, data indicative of the entry feeprovided by that player; allocating to each player, on the basis of theentry fee provided by that player and the risk profile, one or moreentries in relation to the gaming activity wherein the risk profileaffects the relative probability of that player winning a prize inrelation to the gaming activity in exchange for the entry fee provided;and updating a database with data indicative of the allocation of one ormore entries to each player.
 19. A method according to claim 18 wherein,for the risk profile, X% of the entry fee is refundable and Y% of theentry fee is placed at risk, wherein X+Y=100 and wherein 0<X<100.
 20. Amethod according to claim 18 including the steps of: identifying one ormore winning entries for the gaming activity; awarding prizes to theplayers to whom winning entries were allocated in accordance with apredetermined prize distribution protocol; and for each player whoselected a risk profile for which a non-zero proportion of the entry feeis refundable, refunding the refundable proportion of the entry fee. 21.A method according to claim 20 wherein the step of refunding therefundable proportion of the entry fee includes, for at least oneplayer: defining the refundable portion of the entry fee as at leastpart of a subsequent entry fee in relation to a subsequent gamingactivity; allocating to the at least one player one or more entries inrelation to the subsequent gaming activity in exchange for thesubsequent entry fee.
 22. A method according to claim 20 wherein thestep of refunding the refundable proportion of the entry fee includes,for at least one player: defining the refundable portion of the entryfee as a subsequent entry fee in relation to a subsequent gamingactivity; allocating to the at least one player one or more entries inrelation to the subsequent gaming activity in exchange for thesubsequent entry fee.
 23. A method according to claim 21 wherein thesubsequent gaming activity is a gaming activity provided by a methodaccording to claim
 21. 24. A method according to claim 18 including thesteps of: identifying, for each entry fee, a total contribution amountcorresponding to that entry fee, the total contribution amountincluding: i. a primary contribution amount comprising the proportion ofthe entry fee that is placed at risk, less any predefined deductions;and ii. a supplementary contribution amount; combining the totalcontribution amounts of the respective entry fees to form a prize pool;identifying one or more winning entries; distributing the prize poolamong the players to whom winning entries were allocated in accordancewith a predetermined prize distribution protocol.
 25. A method accordingto claim 24 wherein, for a given entry fee, the supplementarycontribution amount corresponds to an amount derived from one or moresources selected from a group comprising: an investment return derivedby subjecting at least a proportion of that entry fee to an investmentprocedure for a period of time; an operator contribution; and athird-party contribution.
 26. A method according to claim 24 wherein,for a given entry fee, the supplementary contribution amount correspondsto an amount derived from an investment return derived by subjecting atleast a proportion of that entry fee to an investment procedure for aperiod of time.
 27. A method according to claim 18 including the stepsof: identifying one or more winning entries for the gaming activity;providing a prize pool for distribution in accordance with apredetermined prize distribution protocol amongst the players to whomwinning entries were allocated; identifying an undistributed portion ofthe prize pool; investing at least a proportion of the undistributedportion of the prize pool to generate an investment return; adding anamount having a value corresponding to at least a proportion of theinvestment return to a subsequent prize pool in relation to a subsequentgaming activity.
 28. A method according to claim 27 wherein thesubsequent gaming activity is a gaming activity provided by a methodaccording to claim
 27. 29. A method according to claim 18 wherein thestep of allocating to each player one or more entries includes, for agiven player: for the proportion of the entry fee that is placed atrisk, allocating to the player a primary entry, whereby in the case thatthe primary entry is identified as a winning entry a primary prize isawarded to the player; for the proportion of the entry fee that isrefundable, allocating to the player one or more secondary entries,whereby in the case that one of the secondary entries is identified as awinning entry a secondary prize is awarded to the player.
 30. A methodaccording to claim 29 wherein the primary entry has an associated payoutratio, and the primary prize is awarded to the player based on theproportion of the entry fee that is placed at risk and the payout ratio.31. A method according to claim 18 wherein, in the case that the primaryentry is identified as a winning entry, the secondary entry is notidentified as a winning entry.
 32. A method according to claim 18wherein, in the case that the primary entry is not identified as awinning entry, the secondary entry is identified as a winning entry,such that a given player for whom a non-zero proportion of the entry feeis refundable wins one of the primary prize or the secondary prize. 33.A method according to claim 29 including the steps of: derivingsupplementary income; adding an amount having a value corresponding toat least a proportion of the supplementary income to a secondary prizepool; refunding to each player the proportion of the entry fee that isrefundable; distributing the secondary prize pool, in accordance with apredetermined prize distribution protocol, amongst the players to whomwinning secondary entries were allocated.
 34. A method according toclaim 33 wherein deriving supplementary income includes subjecting atleast a proportion of the entry fees to an investment procedure togenerate supplementary income in the form of an investment return.
 35. Asystem for providing a gaming activity wherein a plurality of playersprovide respective entry fees, the system including a processorconfigured to carry out a method of providing a gaming activityaccording to claim
 1. 36. A system for providing a gaming activitywherein a plurality of players provide respective entry fees, the systemincluding a processor configured to carry out a method of providing agaming activity according to claim
 18. 37. A computer-readable carriermedium carrying a set of instructions that when executed by one or moreprocessors cause the one or more processors to carry out a method ofproviding a gaming activity according to claim
 1. 38. Acomputer-readable carrier medium carrying a set of instructions thatwhen executed by one or more processors cause the one or more processorsto carry out a method of providing a gaming activity according to claim18.
 39. A method for providing a gaming activity wherein a plurality ofplayers provide respective entry fees, the method including the stepsof: defining a plurality of risk profiles, wherein each risk profiledefines a proportion of an entry fee that is refundable on the basis ofpredetermined refund criteria and a complementary proportion of theentry fee that is placed at risk; receiving, for each player, dataindicative of the entry fee provided by that player and a risk profileselected by that player; and allocating to each player, on the basis ofthe entry fee provided by that player and the risk profile selected bythat player, one or more entries in relation to the gaming activity,wherein the risk profile selected by a given player affects the quantumof entry fee in exchange for which a predetermined number of entries isallocated.
 40. A method according to claim 39 wherein, for a first riskprofile, a given player is allocated a predetermined number of entriesin exchange for a predetermined entry fee, and, for a second riskprofile, a given player is allocated the same predetermined number ofentries for less than the predetermined entry fee, wherein the firstrisk profile defines a greater proportion of the entry fee that isrefundable compared with the second risk profile.
 41. A method accordingto claim 39 wherein the plurality of risk profiles includes a riskprofile for which 100% of the entry fee is refundable.
 42. A methodaccording to claim 39 wherein the plurality of risk profiles includes arisk profile for which 100% of the entry fee is placed at risk.
 43. Amethod according to claim 39 wherein the plurality of risk profilesincludes at least one risk profile for which X% of the entry fee isrefundable and Y% of the entry fee is placed at risk, wherein X+Y=100and wherein 0<X<100.
 44. A method according to claim 39 including thesteps of: identifying one or more winning entries for the gamingactivity; awarding prizes to the players to whom winning entries wereallocated in accordance with a predetermined prize distributionprotocol; and for each player who selected a risk profile for which anon-zero proportion of the entry fee is refundable, refunding therefundable proportion of the entry fee.
 45. A method according to claim44 wherein awarding the prizes includes making the prizes available forcollection by or on behalf to the players to whom winning entries wereallocated.
 46. A method according to claim 44 wherein, for a givenplayer, refunding the refundable proportion of the entry fee includesmaking the refundable proportion of the entry fee available forcollection by or on behalf of that players.
 47. A method according toclaim 44 wherein the step of refunding the refundable proportion of theentry fee includes, for at least one player: defining the refundableportion of the entry fee as at least part of a subsequent entry fee inrelation to a subsequent gaming activity; and allocating to the at leastone player one or more entries in relation to the subsequent gamingactivity in exchange for the subsequent entry fee.
 48. A methodaccording to claim 47 wherein the subsequent gaming activity is a gamingactivity provided by a method according to claim
 47. 49. A methodaccording to claim 39 including the steps of: identifying, for eachentry fee, a total contribution amount corresponding to that entry fee,the total contribution amount including: i. a primary contributionamount comprising the proportion of the entry fee that is placed atrisk, less any predefined deductions; and ii. a supplementarycontribution amount; combining the total contribution amounts of therespective entry fees to form a prize pool; identifying one or morewinning entries; distributing the prize pool among the players to whomwinning entries were allocated in accordance with a predetermined prizedistribution protocol.
 50. A method according to claim 49 wherein, for agiven entry fee, the supplementary contribution amount corresponds to anamount derived from one or more sources selected from a groupcomprising: an investment return derived by subjecting at least aproportion of that entry fee to an investment procedure for a period oftime; an operator contribution; and a third-party contribution.
 51. Amethod according to claim 49 wherein, for a given entry fee, thesupplementary contribution amount corresponds to an amount derived froman investment return derived by subjecting at least a proportion of thatentry fee to an investment procedure for a period of time.
 52. A methodaccording to claim 39 including the steps of: identifying one or morewinning entries for the gaming activity; providing a prize pool fordistribution in accordance with a predetermined prize distributionprotocol amongst the players to whom winning entries were allocated;identifying an undistributed portion of the prize pool; investing atleast a proportion of the undistributed portion of the prize pool togenerate an investment return; adding an amount corresponding to atleast a proportion of the investment return to a subsequent prize poolin relation to a subsequent gaming activity.
 53. A method according toclaim 52 wherein the subsequent gaming activity is a gaming activityprovided by a method according to claim
 52. 54. A system for providing agaming activity wherein a plurality of players provide respective entryfees, the system including a processor configured to carry out a methodof providing a gaming activity according to claim
 39. 55. Acomputer-readable carrier medium carrying a set of instructions thatwhen executed by one or more processors cause the one or more processorsto carry out a method of providing a gaming activity according to claim39.
 56. A method for providing a gaming activity wherein a plurality ofplayers provide respective entry fees, the method including the stepsof: defining a plurality of risk profiles, wherein each risk profiledefines a proportion of an entry fee that is refundable on the basis ofpredetermined refund criteria and a complementary proportion of theentry fee that is placed at risk; receiving, for each player, dataindicative of the entry fee provided by that player and a risk profileselected by that player; and allocating to each player, on the basis ofthe entry fee provided by that player and the risk profile selected bythat player, one or more entries in relation to the gaming activity,wherein the risk profile selected by a given player affects one or morecharacteristics of a prize winnable by that player in exchange for theentry fee provided.
 57. A method according to claim 56 wherein, for afirst risk profile, a given player is able to win a prize having a firstvalue in exchange for a predetermined entry fee, and, for a second riskprofile, a given player is able to win a prize having a second value inexchange for the same predetermined entry fee, wherein the second valueis greater than the first value, and wherein the first risk profiledefines a greater proportion of the entry fee that is refundablecompared with the second risk profile.
 58. A method according to claim56 wherein the plurality of risk profiles includes a risk profile forwhich 100% of the entry fee is refundable.
 59. A method according toclaim 56 wherein the plurality of risk profiles includes a risk profilefor which 100% of the entry fee is placed at risk.
 60. A methodaccording to claim 56 wherein the plurality of risk profiles includes atleast one risk profile for which X% of the entry fee is refundable andY% of the entry fee is placed at risk, wherein X+Y=100 and wherein0<X<100.
 61. A method according to claim 56 including the steps of:identifying one or more winning entries for the gaming activity;awarding prizes to the players to whom winning entries were allocated inaccordance with a predetermined prize distribution protocol; and foreach player who selected a risk profile for which a non-zero proportionof the entry fee is refundable, refunding the refundable proportion ofthe entry fee.
 62. A method according to claim 61 wherein awarding theprizes includes making the prizes available for collection by or onbehalf to the players to whom winning entries were allocated.
 63. Amethod according to claim 61 wherein, for a given player, refunding therefundable proportion of the entry fee includes making the refundableproportion of the entry fee available for collection by or on behalf ofthat players.
 64. A method according to claim 61 wherein the step ofrefunding the refundable proportion of the entry fee includes, for atleast one player: defining the refundable portion of the entry fee as atleast part of a subsequent entry fee in relation to a subsequent gamingactivity; and allocating to the at least one player one or more entriesin relation to the subsequent gaming activity in exchange for thesubsequent entry fee.
 65. A method according to claim 64 wherein thesubsequent gaming activity is a gaming activity provided by a methodaccording to claim
 64. 66. A method according to claim 56 including thesteps of: identifying, for each entry fee, a total contribution amountcorresponding to that entry fee, the total contribution amountincluding: i. a primary contribution amount comprising the proportion ofthe entry fee that is placed at risk, less any predefined deductions;and ii. a supplementary contribution amount; combining the totalcontribution amounts of the respective entry fees to form a prize pool;identifying one or more winning entries; distributing the prize poolamong the players to whom winning entries were allocated in accordancewith a predetermined prize distribution protocol.
 67. A method accordingto claim 66 wherein, for a given entry fee, the supplementarycontribution amount corresponds to an amount derived from one or moresources selected from a group comprising: an investment return derivedby subjecting at least a proportion of that entry fee to an investmentprocedure for a period of time; an operator contribution; and athird-party contribution.
 68. A method according to claim 66 wherein,for a given entry fee, the supplementary contribution amount correspondsto an amount derived from an investment return derived by subjecting atleast a proportion of that entry fee to an investment procedure for aperiod of time.
 69. A method according to claim 56 including the stepsof: identifying one or more winning entries for the gaming activity;providing a prize pool for distribution in accordance with apredetermined prize distribution protocol amongst the players to whomwinning entries were allocated; identifying an undistributed portion ofthe prize pool; investing at least a proportion of the undistributedportion of the prize pool to generate an investment return; adding anamount corresponding to at least a proportion of the investment returnto a subsequent prize pool in relation to a subsequent gaming activity.70. A method according to claim 69 wherein the subsequent gamingactivity is a gaming activity provided by a method according to claim69.
 71. A system for providing a gaming activity wherein a plurality ofplayers provide respective entry fees, the system including a processorconfigured to carry out a method of providing a gaming activityaccording to claim
 56. 72. A computer-readable carrier medium carrying aset of instructions that when executed by one or more processors causethe one or more processors to carry out a method of providing a gamingactivity according to claim
 56. 73. A method for providing a gamingactivity wherein a plurality of players provide respective entry fees,the method including the steps of: defining a risk profile, the riskprofile defining a non-zero proportion of an entry fee that isrefundable on the basis of predetermined refund criteria and acomplementary proportion of the entry fee that is placed at risk;receiving, for each player, data indicative of the entry fee provided bythat player; and allocating to each player, on the basis of the entryfee provided by that player and the risk profile, one or more entries inrelation to the gaming activity, wherein the risk profile affects thequantum of entry fee in exchange for which a predetermined number ofentries is allocated.
 74. A method according to claim 73 including thesteps of: identifying, for each entry fee, a total contribution amountcorresponding to that entry fee, the total contribution amountincluding: i. a primary contribution amount comprising the proportion ofthe entry fee that is placed at risk, less any predefined deductions;and ii. a supplementary contribution amount; combining the totalcontribution amounts of the respective entry fees to form a prize pool;and identifying one or more winning entries; distributing the prize poolamong the players to whom winning entries were allocated in accordancewith a predetermined prize distribution protocol.
 75. A system forproviding a gaming activity wherein a plurality of players providerespective entry fees, the system including a processor configured tocarry out a method of providing a gaming activity according to claim 73.76. A computer-readable carrier medium carrying a set of instructionsthat when executed by one or more processors cause the one or moreprocessors to carry out a method of providing a gaming activityaccording to claim
 73. 77. A method for providing a gaming activitywherein a plurality of players provide respective entry fees, the methodincluding the steps of: defining a risk profile, the risk profiledefining a non-zero proportion of an entry fee that is refundable on thebasis of predetermined refund criteria and a complementary proportion ofthe entry fee that is placed at risk; receiving, for each player, dataindicative of the entry fee provided by that player; and allocating toeach player, on the basis of the entry fee provided by that player andthe risk profile, one or more entries in relation to the gamingactivity, wherein the risk profile affects one or more characteristicsof a prize winnable by that player in exchange for the entry feeprovided.
 78. A method according to claim 77 including the steps of:identifying, for each entry fee, a total contribution amountcorresponding to that entry fee, the total contribution amountincluding: i. a primary contribution amount comprising the proportion ofthe entry fee that is placed at risk, less any predefined deductions;and ii. a supplementary contribution amount; combining the totalcontribution amounts of the respective entry fees to form a prize pool;and identifying one or more winning entries; distributing the prize poolamong the players to whom winning entries were allocated in accordancewith a predetermined prize distribution protocol.
 79. A system forproviding a gaming activity wherein a plurality of players providerespective entry fees, the system including a processor configured tocarry out a method of providing a gaming activity according to claim 77.80. A computer-readable carrier medium carrying a set of instructionsthat when executed by one or more processors cause the one or moreprocessors to carry out a method of providing a gaming activityaccording to claim 77.